Nifty Falls Below 24,000 Threshold: Analysts Weigh in on Potential Support Levels

Indian Markets Face Uncertainty Ahead of Key Support Level

The Indian stock market is currently trading below the 24,000-mark, leaving traders questioning the next support level for the benchmark index, Nifty. Analysts have identified 24,300 as a crucial level that, if reclaimed, would signal the resumption of an uptrend in the markets.

Nifty's Immediate Resistance Zone

According to Shrikant Chouhan, Head Equity Research at Kotak Securities, the 50-day SMA (Simple Moving Average) or 24,300/78,200 would act as an immediate resistance zone for day traders. If Nifty falls below this level, the correction wave is likely to continue. On the downside, the index could slip to 24,000/77,000. Further downward movement may drag the index to 23,900/76,700. Conversely, a move above 24,300/78,200 could lead to a bounce back towards 24,450–24,500/78,500-78,800.

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Market Sentiment Weighed Down by Weak IT Results and Foreign Investor Selling

Market sentiment has been negatively impacted by weak IT results and selling by foreign investors. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, notes that the market has been responding to bad news and hopes emanating from a potential deal on the West Asia conflict. The market direction will emerge only from clarity on the conflict resolution, particularly on the opening of the Hormuz Strait. In the meantime, crude prices will continue to fluctuate, impacting the market.

Market Trends Indicate Selective Buying

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Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, notes that the index is entering a consolidation phase with a slight negative bias. Unless Nifty reclaims 24,350 decisively, downside risk remains elevated. However, holding above key supports may still keep a selective buy-on-dips approach viable.

Short-Term Support and Resistance Levels

Nifty has now entered the gap zone between 24,145 and 23,907, formed on 15 April 2026, which may act as short-term support. On the upside, 24,310 and 24,600 are likely to act as resistance levels, according to Devarsh Vakil, Head of Prime Research at HDFC Securities.