## Market Overview
The NSE Nifty 50 ended lower on Wednesday after experiencing two days of gains. Market analysts indicate that it is currently encountering immediate resistance at approximately 24,400 points.
On the downside, immediate support is identified at 24,200, which is crucial, followed by a stronger support level near 24,000, as noted by Hardik Matalia, a derivative analyst at Choice Broking. He mentioned that 24,400 serves as the first key resistance point, and a more significant barrier is at 24,500. A decisive breakout above this level could lead to a potential rally targeting the 24,700 to 24,900 range.
According to Shrikant Chouhan, head of equity research at Kotak Securities, the Nifty 50 may experience weak sentiment if it continues to trade below 24,450. He suggested that the market could retest the 24,000 level and potentially drop further to 23,900. Conversely, breaking above 24,450 may shift the sentiment positively, driving the market up to the 24,600 to 24,700 range.
## Technical Analysis
Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C Mehta Investment Intermediates, pointed out that the frontline index has formed a doji candle on the daily chart, indicating uncertainty at higher levels. The key resistance is identified at 24,460, with support around 24,050, and a further level at 23,850. If the Nifty 50 maintains its position above 24,460, the rally may extend towards the 24,800 to 24,850 range.
For the Bank Nifty, the 56,000 level is seen as a significant obstacle, while the major support is at 54,450. A decisive break below 54,450 could result in selling pressure for Bank Nifty.
## Market Recap
India’s benchmark equity indices halted their two-day rise, closing in the negative territory on Wednesday, just before a market holiday. The NSE Nifty 50 fell by 1.75 points or 0.01% to settle at 24,334.20, while the BSE Sensex decreased by 46.14 points, or 0.06%, finishing at 80,242.24.
## FII and DII Activity
Foreign portfolio investors continued their buying spree of Indian equities for the 11th consecutive session on Wednesday, acquiring stocks worth Rs 50.57 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors also remained net buyers for the fourth session in a row, purchasing equities valued at Rs 1,792.15 crore.
## F and O Insights
– Nifty May futures decreased by 0.18% to 24,380, maintaining a premium of 46 points.
– Open interest for Nifty May futures rose by 2.2%.
– For Nifty options expiring on May 8, the maximum call open interest is at 26,100, while the maximum put open interest is at 22,000.
– The put-call ratio stands at 1.12, with the highest change in put open interest recorded at 24,350.
– RBL Bank is the only security in the ban period.
## Key Stocks in the Spotlight
– **G R Infraprojects**: The company’s subsidiary has secured a construction order worth Rs 4,263 crore from NHAI.
– **Aster DM Healthcare**: The company has acquired 1.9 crore shares of Quality Care India for Rs 849 crore, completing a 5% stake acquisition through a share swap.
– **Bank of India**: The bank’s board has approved a fundraising initiative of up to Rs 5,000 crore.
## Currency Market Update
The Indian rupee strengthened by 74 paise against the US dollar on Wednesday, closing at 84.49. This marks its highest closing since November 2024, contrasting with a weaker close of 85.26 on Tuesday, as reported by Bloomberg.
