Analysts emphasize 22,500 as pivotal threshold for Nifty's April trajectory.
Nifty analysts foresee potential rise to 23,000 in April.
Nifty: Analysts Eye 23,000 in April, Highlight 22,500 as Key Level
The index must maintain levels above 22,500 to sustain its upward trajectory. Immediate resistance is observed at 22,700, while the critical support area is anticipated to lie within the range of 22,300-22,200. This suggests that for the index to continue its upward movement, it needs to overcome the resistance at 22,700 while staying above the crucial support zone of 22,300-22,200. Traders and investors should closely monitor these levels for potential shifts in market sentiment and trading opportunities.
The Nifty commenced the April series and FY25 vigorously, achieving a new record peak of 22,530 on April 1, accompanied by a decline in volatility to a three-and-a-half-month low. Closing 135 points higher at 22,462, the index formed a Doji candlestick on the daily charts, signifying uncertainty among market participants regarding future trends. Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, noted the ongoing bullish momentum in the Nifty and anticipated its continuation. Despite a negative crossover in the hourly momentum indicator, suggesting potential consolidation and a dip towards 22,400–22,350, it presents a buying opportunity given the prevailing positive trend.
The banking index displayed a bullish candlestick pattern on the daily chart, albeit with lower-than-average volumes. Immediate resistance levels are anticipated at 47,800-48,000, and a breakthrough beyond 48,000 could propel the index to new highs, with crucial support standing at 47,000. Kunal Shah, senior technical & derivative analyst at LKP Securities, highlighted the favorable long positions opportunity near the 47,000-46,800 support zone. The Bank Nifty's next challenge lies at 48,000, with market direction expected to gain clarity after the RBI policy announcement. Volatility notably decreased, with the India VIX closing at 12.08, its lowest level since December 13, down 5.84 percent, providing reassurance to bulls. The broader markets witnessed significant gains, with the Nifty midcap 100 and smallcap 100 indices surging by 1.7 percent and 3.3 percent, respectively, demonstrating strong breadth.
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