Indian stock market: Nifty 50 regains 24,700 mark. Can it hold on to the gains?

Stock market today: Indian indices - Sensex and Nifty 50 - opened in green in Monday's trading session, snapping their 6-day losing streak. The Nifty index has once again recovered from the day’s lows, rising above the 24,700 mark. Meanwhile, Sensex gained 150 points, climbing above 80,500 mark.

" The Sensex remains trapped inside Friday’s large red candle, forming an inside bar that signals market indecision. A move above 81,040 could spark a relief rally toward 81,700, while a drop below 80,330 may extend the downtrend toward 79,800, where triple-bottom support lies.

Bank Nifty mirrors the broader market setup, locked within Friday’s range. A breakout above 54,900 could trigger short-covering toward 55,300, whereas a fall below 54,300 risks dragging it down to 53,800–53,500. Until a decisive move occurs, sideways swings are likely," said Ponmudi R, CEO of Enrich Money.

Key technical levels to watch out -

Nifty 50

The Nifty index witnessed sharp bearish momentum this week, declining 672 points and erasing the gains of the past two weeks.

"The index slipped below the crucial 24,750 mark, eventually closing at 24,654. Nifty now trades below its 20- day and 50-day EMAs and is approaching the 200-day EMA, highlighting a weakening technical setup. A breakdown below 24,500 could accelerate the decline towards the 24,400 level (200-day EMA), and further down to 24,180.On the upside, immediate resistance levels are placed at 24,750, followed by 24,880 and 25,000. Unless the index reclaims these levels, the short-term bias is likely to remain negative.

Given the prevailing structure, a “sell on rise” approach remains favorable, though traders should adopt strict stop-loss measures to manage risk in this volatile environment," said Amruta Shinde Technical & Derivative Analyst Choice Broking.

Support Levels:- 24500-24180

Resistance Levels :- 24750 - 25000

Overall Bias :- Sideways To Bearish

Bank Nifty

Bank Nifty ended the week on a negative note, closing at 54,389 after declining nearly 586 points. The index displayed weakness by breaking below the 54,500 mark and registering a third consecutive daily decline.

“Bank Nifty ended the week on a negative note, closing at 54,389 after declining nearly 586 points. The index displayed weakness by breaking below the 54,500 mark and registering a third consecutive daily decline. Bank Nifty ended the week on a negative note, closing at 54,389 after declining nearly 586 points. The index displayed weakness by breaking below the 54,500 mark and registering a third consecutive daily decline,” Amruta added.

Support: 54000-53784

Resistance: 54900-55500

Bias- Sideways to bearish

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.