Trade Setup For Oct. 25: Nifty 50 Resistance Levels At 24,450

The Nifty 50 resistance levels are at 24,450, with key support around 24,200, according to analysts, as the market continues to consolidate. Analysts remain cautious, particularly due to the upcoming Diwali week.

"For day traders, the 24,450/80,200 zone will be a critical resistance point. If the market breaks above this, it could rise to 24,600–24,625/80,500–80,800," according to Shrikant Chouhan, head of equity research at Kotak Securities Ltd.

"On the downside, falling below 24,350/79,850 could lead to accelerated selling pressure, potentially pushing the index down to 24,250–24,200/79,500–79,300," said Chouhan.

The Nifty has been hovering in a narrow range of 24,400–24,500 over the last two sessions, weighed down by persistent foreign outflows and lacklustre earnings, according to Siddhartha Khemka, head of research at Motilal Oswal Financial Services Ltd. "This range-bound move is likely to continue unless a major trigger emerges, with sectoral rotation driven by the ongoing earnings season."

"Nifty is expected to remain within a tight range, with 24,350 and 24,200 (the bullish gap from August) acting as immediate support due to oversold conditions on the intraday charts. The resistance at 24,500–24,600, aligned with the 89 DEMA, remains key. With the 20 DEMA breaching the 50 DEMA, we advise caution. A sustained move above 25,000 would shift the outlook to bullish, but until then, any upward movement should be seen as a relief rally," noted Rajesh Bhosale, equity technical analyst at Angel One Ltd.

Amid the cautious sentiment, individual stocks have shown resilience. "Several stocks have bounced back from key support levels, providing trading opportunities. However, traders should be selective in their approach," warned Bhosale.

The Nifty October futures were down by 0.04% to 24,452 at a premium of 53 points, with the open interest down by 0.7%.

The Nifty Bank October futures were up by 0.66% to 51,605 at a premium of 74 points, while its open interest was down 8.7%.

The open interest distribution for the Nifty 50 Oct. 31 expiry series indicated most activity at 25,000 call strikes, with the 24,500 put strikes having maximum open interest.

For the Bank Nifty options expiry on Oct. 30, the maximum call open interest was at 52,500 and the maximum put open interest was at 51,000.

Overseas investors remained net sellers of Indian equities for the 19th consecutive session on Thursday, while domestic institutional investors stayed net buyers for the 23rd straight session.

The FPIs offloaded stocks worth Rs 5,062.5 crore, according to provisional data from the National Stock Exchange. The DIIs bought stocks worth Rs 3,620.5 crore.