On Wednesday, India’s stock market showed resilience as the NSE Nifty 50 climbed by 34.80 points, closing at 24,414.4. The BSE Sensex also made gains, finishing 105.71 points higher at 80,746.78. This positive turn in the market came despite earlier concerns following India’s military actions against terrorist bases in Pakistan. Analysts noted that as trading progressed, investor sentiment improved, leading to a bullish end to the day.

Market Support and Resistance Levels

Market analysts have indicated that the NSE Nifty 50 has a significant support range between 24,050 and 24,250. According to Aditya Gaggar, director at Progressive Shares Brokers, the critical support level on the downside is pegged at 24,250, while the pivotal resistance is observed at 24,500.

• Support Levels:

  • 24,050 – 200-Day Simple Moving Average
  • 24,250 – Key downside support
• Resistance Levels:
  • 24,500 – Immediate resistance
  • 24,590 – Crucial resistance for an extended rally

Positive Investor Sentiment

The trading day opened with the Nifty dropping significantly due to geopolitical tensions, yet it rebounded to show a rise of 0.29% at its peak. Hrishikesh Yedve, an assistant vice president at Asit C. Mehta Investment Intermediates, remarked on the strong buying interest evident in the NSE’s daily chart, suggesting that a successful break above 24,590 could lead to a rally toward the 24,800 to 24,850 range.

Bank Nifty Performance

The Bank Nifty index is also under observation, facing immediate resistance at 55,000 and further up at 56,000. On the downside, the support level is noted at 53,890.

Foreign and Domestic Investor Activity

In a significant show of confidence, foreign portfolio investors (FPIs) continued to be net buyers for the 15th consecutive session, purchasing stocks worth ₹2,585.86 crore. Domestic institutional investors (DIIs) also turned net buyers, acquiring equities valued at ₹2,378.49 crore after a brief selling period.

Global Market Influence

International markets presented a mixed picture, with Japan and Australia showing varied performances. The US Federal Reserve has indicated that there is no immediate plan to adjust interest rates, which has contributed to uncertainty in global markets. As of the morning session, the GIFT Nifty was up by 0.23% at 24,380.00.

Key Stocks in Focus

Several companies have made headlines recently:

• Jindal Drilling: Awarded a three-year contract from Oil and Natural Gas Corp for their rig, Jindal Explorer, at an effective day rate of $35,138.71.
• Mahindra & Mahindra: Reported production of 85,925 units in April, marking a 20.3% increase year-over-year.
• Coal India: Signed a non-binding agreement to supply renewable energy for a green ammonia project in Kandla.

Conclusion

As the market continues to navigate through geopolitical uncertainties, the positive sentiment from investors indicates a potential for further upward movement in the indices. With critical support and resistance levels established, traders and investors alike are keenly observing market trends for future trading opportunities.