Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, stated that the Nifty 50 is likely to sustain its pullback rally in the near term. The immediate resistance is in the 24,650–24,700 zone. A decisive breakout above 24,700 could lead to levels of 25,000 and subsequently 25,200. The 24,050–24,000 range will act as a key support zone.
Shah noted that Nippon Life and HDFC AMC are expected to maintain their upward trajectory due to favorable sectoral trends and strong technical setups. The Nifty Midcap 100 and Nifty Smallcap 100 have outperformed the frontline index, reclaiming key moving averages.
The Bank Nifty concluded the week positively but struggled to break above its 200-day EMA. The 57,000–57,100 zone is seen as significant resistance. DMART and CG Power are recommended for accumulation based on their bullish momentum and technical indicators.
The Nifty FMCG index has shown signs of a bottoming-out, with stocks like Radico Khaitan, Godrej Consumer Products, and Nestlé India highlighted for their strong price structure.
