On average, Nifty's monthly trading band expanded to nearly 6%, and up to 12% in the following four months after a range contraction, according to NSE's 3-year monthly data.
Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach.
Stocks to buy today: HAL, Samvardhana Motherson and Sona BLW among three stock recommendations by MOFSL's Chandan Taparia.
Stocks to buy today: Vinay Rajani, CMT, senior technical analyst at HDFC Securities, recommends buying GRSE and Tata Capital.
Investors should closely monitor domestic and global developments that could act as key catalysts in shaping the intermediate trend and accordingly adjust their strategies as market conditions evolve.
Technical analysts reckon that the Nifty needs to break above 24,500 to regain positive momentum.
Technical analysts flag that Nifty ranged between 23,600-24,600 after the initial rally in FY27; however, select momentum indicators show improvement for the BSE, NSE benchmark indices on charts.
Only a breach below 24,000 will weaken the structure; otherwise, intraday dips toward the support zone of 24,150-24,180 should be used as a buying opportunity, said Jatin Gedia.
The broader trend remains choppy, with Nifty trading below its 20-day and 100-day EMAs and placed above 50 DEMA.
Nifty 50 index needs to hold above 24,000 for an up move towards the 24,200 and 24,300 zones, while support can be seen at 23,900 then 23,800 zones.
On the broader market outlook, Ajit Mishra, SVP-Research of Religare Broking says the Nifty remains in consolidation mode, with key support at 23,600. On the upside, bullish pivot stands at 24,600.
From a technical perspective, the Nifty 50 witnessed a decisive breakdown, with persistent selling pressure throughout the week dragging the index toward a critical support zone, said Osho Krishnan.
The tug-of-war between the bulls and bears continue as the market lacks direction, suggests the ADX index, which needs to cross the 25-mark for a directional move, says Ajit Mishra of Religare Broking
Vinay Rajani of HDFC Securities has said that Nifty faces immediate resistance at 24,530, while 24,000 remains a key support. For trading, he has recommended buying L&T Finance and HAL stocks today.
Technical analysts believe that the Nifty is showing mixed signals on the short-term chart amid the renewed US-Iran war worries and high oil prices. Here are the key levels to watch out for.
Jatin Gedia of Teji Mandi reckons that the Nifty, Bank Nifty have slipped back into the correction zone; he recommends buy on Oil India and Exide Industries.
Indian market are likely to trade on a cautious note after fresh US strikes on Iran; key support for Nifty seen at 24,300 and 24,200, says Ponmudi R of Enrich Money.
Hitesh Rathi of Angel One recommends adopting a buy on dips approach for the Nifty, with prior resistance zone of 24,180-24,100 now likely to act as an immediate support cluster.
Technical analysts at SBI Securities and Choice Broking expect the Nifty to retest record highs around 26,350, and Sensex to rally toward 89,000 in an optimistic scenario.
Market outlook: Nifty and Bank Nifty are likely to remain rangebound until a decisive breakout on either side, says Jatin Gedia, VP - Technical Research at Teji Mandi Investment Technologies.