Stocktwits - Indian stock markets edged higher on Wednesday morning and traded within a tight range as profit-booking amid a weekly expiry session tempered buying momentum.
Benchmark indices have closed in the green in nine of the past 11 sessions, gaining nearly 9%.
At about 10:00 am IST, the benchmark Nifty traded above 24,300, while the Sensex traded at around 80,300. Midcap stocks remained under some pressure.
Data from Stocktwits showed that sentiment around the Nifty 50 remained ’bullish.’
Nifty sentiment and message volume on April 29 as of 10:00 am IST. | source: StocktwitsInvestors parsed through positive commentary coming through on a possible U.S.-India trade deal. President Donald Trump expressed optimism regarding a potential trade agreement with India.
On the other hand, escalating tensions between India and Pakistan following a recent terrorist attack in Kashmir sapped some sentiment.
Sectorally, auto and PSU banks traded under pressure, while pharma, real estate, and FMCG stocks witnessed buying.
SEBI-registered research analysts shared the day’s trade setup on Stocktwits.
Mayank Singh Chandel noted that following a strong rally last week, the Nifty 50 attempted to surpass the 24,350–24,450 resistance area but could not sustain the upward movement.
According to Chandel, the market remains in a consolidation phase.
Chandel’s technical perspective on the Nifty highlights a critical resistance zone around 24,450, emphasizing that a decisive close above this level is necessary to confirm a breakout.
On the downside, he identified immediate support between 24,300 and 24,200, with a breach potentially triggering further declines toward 24,000. Key resistance levels are projected at 24,600 and 24,800.
He adds that until a confirmed breakout above 24,450 occurs, the index would likely remain rangebound between 24,000 and 24,500.
Prabhat Mittal identifies immediate support for the Nifty at 24,190, with resistance near 24,410.
For the Bank Nifty, he places support at 54,900 and resistance at 55,900, reflecting key levels where price action could dictate near-term direction.
Meanwhile, A & Y Market Research expects the Nifty to encounter resistance between 24,455 and 24,507 during intraday trading, with critical support zones identified at 23,812–23,877.
For the Bank Nifty, they peg resistance between 55,443 and 55,557, with immediate support at 54,334–54,470.
Among major individual movers, Bajaj Finance (NSE:BJFN) and Bajaj Finserv (NSE:BJFS) fell 5% following quarterly earnings.
IndusInd Bank (NSE:INBK)’s stock fell 1% on Tuesday after CEO Sumant Kathpalia resigned, a day after the deputy CEO’s exit over accounting lapses.
Investors will also monitor Adani Power (NSE:ADAN), IOC, Federal Bank (NSE:FED), Sona BLW, Bandhan Bank (NSE:BANH), and Paras Defence as they report quarterly numbers later on Wednesday.
Asian markets traded mixed, and U.S. equity futures slipped ahead of Big Tech’s earnings later in the day.