Editor's Take: Nifty near key retracement zone; Anil Singhvi advises buy on dips near 24,000 support

Editor's Take: Indian markets are likely to open on a cautious note on Wednesday, tracking weak early signals from the GIFT Nifty.

Zee Business Managing Editor Anil Singhvi said a gap-down opening cannot be ruled out, but the overall market structure remains strong. He advised investors to avoid panic selling and instead look for buying opportunities near key support levels.

• Strong support for Nifty 50 at 24,000–24,150
• Buy on dips strategy remains intact
• Recovery possible from lower levels if global cues hold

Top triggers to watch today

Markets will react to a mix of global and domestic cues:

• Why is GIFT Nifty weak despite positive undertone?
• Will markets recover after gap-down opening?
• Updates on Iran ceasefire situation
• Strength in US futures and Asian markets
• Impact of rising crude oil prices
• FII activity — buying or selling trend
• Opportunities in mid- and small-cap stocks

Global cue: Ceasefire extension

US President Donald Trump has extended the ceasefire with Iran without a deadline, signalling efforts to avoid escalation. This has lent some support to global sentiment, though uncertainty remains.

What is supporting the market

• Ceasefire extension reduces immediate war risk
• US shows willingness for negotiations
• Strong US futures and recovery in Asia
• Signs of easing FII selling pressure
• Domestic institutional buying support
• Strong Q4 earnings from most companies
• Cooling volatility (lower VIX)
• Progress on India–US trade deal

What is capping the upside

• Crude oil prices remain firm
• Uncertainty around Iran negotiations persists
• Pressure on IT stocks after weak HCL Technologies results
• Recent sharp weakness in the rupee

Recap: Markets ended higher in previous session

On Tuesday, benchmark indices extended gains for the second day:

• Nifty 50 up 211 points at 24,576
• BSE Sensex up 753 points at 79,273
• Bank Nifty up 789 points at 57,371

Banking stocks led the rally, while broader markets also remained firm.

Technical view: Key levels to track

Nifty outlook

• Pre-fall level: 25,178 (next big target)
• 100 DMA: ~25,100
• 200 DMA: ~25,145
• Strong support: 24,000–24,150
• Below this range, trend may weaken

Bank Nifty outlook

• Next key target: 58,266 (3/4th recovery level)
• 100 DMA near 58,209
• Recently crossed 50 DMA (57,041) and 200 DMA (57,241)

Strategy for today

• Expect a weak start
• Avoid aggressive shorting at lower levels
• Focus on buying near support zones
• Stock-specific action likely in mid- and small-caps

Anil Singhvi said that the broader trend remains positive, but near-term volatility could persist due to global developments.

Global Markets update

Most Asian markets traded lower on Wednesday morning. Hong Kong’s Hang Seng Index was trading at 26,159.42, down 328.06 points, or 1.24 per cent. South Korea’s KOSPI also slipped 13.79 points, or 0.22 per cent, to 6,374.68.

In contrast, Japan’s Nikkei 225 moved higher. The index gained 304.39 points, or 0.51 per cent, to trade at 59,653.56.

Overnight, US markets ended in the red. The Nasdaq Composite and the Dow Jones Industrial Average both declined 0.59 per cent. The S&P 500 settled 0.63 per cent lower, reflecting cautious investor sentiment.

In commodities, Brent crude prices edged lower in the Asian session. Traders tracked developments around US-Iran peace talks following a ceasefire extension. The April futures contract was down 0.45 per cent at $98.04 per barrel.