Indian equity markets are expected to remain cautiously bullish on May 11, with analysts identifying key resistance and support levels for benchmark indices amid mixed global cues. According to Sudeep Shah, the NSE Nifty 50 is likely to maintain positive momentum supported by strong domestic sentiment and favourable signals from global markets, including gains in Gift Nifty and US equities.
Shah, who heads Technical and Derivatives Research at SBI Securities, said the immediate resistance for the Nifty is placed in the 24,330-24,350 zone. He added that the index currently has strong support between 24,000 and 23,950. According to the analyst, any sustained move below this support range could trigger further weakness in the market, potentially dragging the index towards 23,800 and later 23,650 in the short term.
The analyst also outlined the outlook for the Bank Nifty index, which has been under pressure after witnessing a breakdown from a descending triangle-like pattern on intraday charts. Shah said the banking index has immediate support in the 54,900-54,800 range. If the index slips below these levels on a sustained basis, it could extend losses towards 54,500 and subsequently 54,100.
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On the upside, Bank Nifty faces immediate resistance between 55,800 and 55,900. Shah noted that the sharp decline seen during the second half of Friday’s trading session reflected cautious investor sentiment amid weak global market trends. Traders are expected to closely monitor banking stocks, which continue to play a significant role in determining broader market direction.
Indian benchmark indices ended the previous session lower after tracking negative global cues. The NSE Nifty 50 closed 150.50 points, or 0.62 per cent lower, at 24,176.15, while the BSE Sensex declined 516.33 points, or 0.66 per cent, to settle at 77,328.19. Despite Friday’s losses, both indices posted gains for the week, marking a second consecutive weekly advance for domestic equities.
Market participants are now expected to focus on global economic developments, movements in crude oil prices, foreign institutional investor activity and domestic macroeconomic indicators for further direction. Analysts believe volatility may remain elevated in the near term as investors react to geopolitical tensions and upcoming economic data releases from major global economies.
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