Nifty 50 eyes 24,350: Can Bank Nifty surpass 52,600?

The Nifty 50 is poised to challenge the crucial resistance level of 24,350, which was seen last week. Should it break past this hurdle, the next significant resistance zone lies between 24,550 and 24,700. On the downside, support is likely to hold at 23,900, marking last week's low.

The index displayed a strong rebound on November 29, rising nearly 1% and recovering over half of its recent losses. With Nifty climbing above key short-term moving averages and entering the upper band of the Bollinger Bands, further upside towards 24,350 is possible. Traders are advised to monitor the 23,900 support level in the coming sessions, as long as it holds.

Regarding Bank Nifty, the index has managed to defend 51,800 on a closing basis, maintaining an upward bias. If it surpasses the critical resistance zone of 52,600, the next target could be 53,000.

Nifty Outlook and Strategy

Rajesh Bhosale, Technical Analyst at Angle One:

The Nifty 50 has bounced back sharply, recovering from the low of 23,263. Following a consolidation last week, the index is now trading in a defined range, with support shifting higher to the 24,000–23,900 zone. Resistance continues to sit around 24,350–24,400, with the breakout above this zone indicating a possible continuation of the rally. Bulls should remain cautious until a breakout is confirmed, but any movement below 23,900 could signal a resumption of the downtrend.

Key Resistance: 24,350, 24,500

Key Support: 24,000, 23,900

Strategy: Buy on dips and sell on rallies, staying rangebound until a clear breakout occurs.

Nandish Shah, Senior Technical Analyst at HDFC Securities:

The Nifty's short-term trend has turned bullish, with the index above its 5, 11, and 20-day EMAs. Indicators like RSI and MFI suggest strength in the current uptrend. Immediate resistance lies around 24,350, and a close above this level would confirm the end of the downtrend and signal further gains toward 24,540–24,700.

Key Resistance: 24,350, 24,540

Key Support: 23,900, 23,572

Strategy: Buy Nifty Futures at 24,131 with a stop-loss at 23,900, targeting 24,350 and 24,540.

Bank Nifty Outlook and Strategy

Rajesh Bhosale, Technical Analyst at Angle One:

The Bank Nifty has outperformed the Nifty recently, with strong momentum as it remains above the 51,800 support level. The key resistance zone lies between 52,500 and 52,750. A break above this range could push the index towards 53,500 and possibly all-time highs. Conversely, a breach of the lower end of the gap zone would shift the trend bearish, testing lower levels.

Key Resistance: 52,350, 52,600

Key Support: 51,560, 51,350

Strategy: Buy on dips, targeting support around the 51,400–51,300 zone.

Nandish Shah, Senior Technical Analyst at HDFC Securities:

Bank Nifty has seen bullish momentum, trading above its key EMAs. Breaking through the 52,500 resistance would signal further upside toward 53,200–53,500. With positive momentum indicators, the short-term trend remains bullish, and traders should adopt a buy-on-dips strategy with a stop-loss at 51,630.

Key Resistance: 52,500, 53,200

Key Support: 51,630, 51,270

Strategy: Buy Bank Nifty Futures at 52,055 with a stop-loss at 51,630, targeting 52,500 and 53,200.

The Nifty 50 appears set to target the 24,350 level, with further gains possible if it breaches resistance. Similarly, Bank Nifty is showing positive momentum and could challenge 52,600. Traders should monitor key support and resistance zones closely, adopting a cautious approach until clear breakouts are confirmed. Always consult certified experts before making investment decisions.