Nifty consolidates amid geopolitical tensions and elevated oil prices, trading within a narrow 23,500–24,800 range. Market analysts indicate a nearterm bottom may have formed around 22,000, with strong demand expected in the 23,555–23,153 zone. Resistance remains entrenched at 24,500–24,800 levels. A clear positive trend would require Nifty to break above 24,600–24,700, likely triggered by favorable geopolitical developments. Technical indicators suggest mild positive bias, with RSI-Smooth oscillator signaling potential resilience during volatility. Trading strategies recommend vanilla buy calls for May 12 expiry, with accumulation on dips. Top stock picks include ITC and Tube Investments, both showing strong breakout patterns and sustaining above key moving averages. Overall market sentiment remains cautious as investors await clearer triggers to drive the next directional move.
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