Nifty Eyes 24,200 Breakout Amid Mixed Global Cues
Trade Setup For April 28: Nifty Bulls Eye 24,200 Breakout Amid Mixed Global Cues
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Indian equity benchmarks rebounded on Monday, halting a three-day decline as analysts predict sustained bullish momentum. Key resistance levels for Nifty are set between 24,200 and 24,230, while support is expected around 23,970. The Nifty closed 0.8% higher, led by gains in Sun Pharma.
- 01Nifty closed about 0.8% higher, reversing a three-day losing streak.
- 02Key resistance levels for Nifty are between 24,200 and 24,230.
- 03Support is expected around 23,970 to 23,950.
- 04Nifty Bank underperformed, with resistance at 56,600 to 56,700.
- 05Sun Pharma was the top gainer, rising nearly 7%.
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The Indian equity benchmarks opened the week positively, ending a three-day losing streak with the Nifty index closing 0.8% higher. Analysts, including Shrikant Chouhan from Kotak Securities, expect the bullish trend to continue, with key resistance levels identified between 24,200 and 24,230. A move above 24,230 could target 24,400. On the downside, support is anticipated in the 23,970 to 23,950 range. The Nifty Bank index, however, lagged behind, showing uncertainty in its direction. Resistance for Nifty Bank is noted at 56,600 to 56,700, with immediate support at 55,700 to 55,600. Broader markets also saw gains, with the Nifty Midcap 150 rising nearly 1.5% and the Nifty Smallcap 250 climbing over 1.75%. Sun Pharma led the gains on the Nifty index, increasing by nearly 7%.
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The positive movement in the Nifty index may boost investor confidence, potentially leading to increased investments in the stock market. This could affect retail investors and traders looking for opportunities in sectors with strong earnings visibility.
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