Trade setup for April 30: Nifty faces resistance at 24,550; Market awaits clear breakout

The NSE Nifty 50 index ended slightly higher on Tuesday, marking its second consecutive day of gains. However, analysts caution that the market could remain range-bound in the near term unless a clear breakout above the 24,550 level is achieved.

Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty is currently facing resistance in the 24,460–24,550 zone. “Support is placed at 24,250 — a fall below this could invite stronger selling pressure,” he warned.

Hrishikesh Yedve, Assistant Vice President - Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, observed a "shooting star" candlestick pattern on the daily chart, a signal of selling at higher levels. According to Yedve, 24,460 acts as a temporary resistance, and a sustained move above it could push the index toward the 24,800–24,850 range. On the downside, the key support lies near the 200-day simple moving average at 24,050.

In the banking sector, the Bank Nifty index also faces stiff resistance near 56,000, while support is seen around 54,450. “We expect Bank Nifty to consolidate within this range, and a breakout on either side may dictate the next trend,” Yedve added.

Market Recap

On Tuesday, the Nifty 50 closed 0.03% higher at 24,335.95, while the BSE Sensex ended 0.09% up at 80,288.38. Among the top gainers, Reliance Industries rose 2.26% to ₹1,399.70, and Infosys climbed 1.04% to ₹1,497.50 per share.

Currency Market Update

The Indian rupee weakened by 22 paise against the U.S. dollar, closing at 85.26 on Tuesday, compared to 85.03 on Monday, according to Bloomberg.