Nifty may keep to 23,500–24,800 range amid high oil prices, war uncertainty

Nifty is expected to trade in a narrow range, say analysts, as lingering geopolitical tensions and elevated oil prices cap gains. While the recent rebound points to some stability, resistance is seen around 24,500–24,800, with support likely in the 23,500–23,700 zone. The index may continue to move within this band until a clear trigger emerges to drive the next direction.

SAMEET CHAVAN
HEAD – RESEARCH (TECHNICAL & DERIVATIVES), ANGEL ONE

Where is Nifty headed?

Price action over the past three weeks suggests that a nearterm bottom may have formed around 22,000. Going ahead, the 23,555–23,153 zone, also a partial gap area, is likely to act as a strong demand zone. A positive crossover in RSI-Smooth oscillator suggests the index could show resilience during intra-week volatility. A clear positive trend would emerge only if Nifty breaks above the 24,600– 24,700 zone, which could be triggered by a favourable surprise on the geopolitical front.

Trading Strategy: The bias remains mildly positive. A simple ‘vanilla buy call’ strategy is recommended for the May 12 expiry. One can consider buying the out-of-the-money 24,400 CE (LTP Rs 156) on dips to Rs 120–100. The trade should be exited if Nifty slips below 23,700, while a retest of 24,500– 24,600 could be used to ride the upside.

TOP STOCK PICKS
ITC Buy | CMP: Rs 314.9 | Stop Loss: Rs 300 | Target: Rs 328

The stock appears to have broken out of a consolidation phase, with prices moving above the trendline. The weekly chart remains strong.

Tube Investments Buy | CMP: Rs 2,947 | Stop Loss: Rs 2,680 | Target: Rs 3,200

The stock is forming a higher high–higher low structure on the daily chart and is sustaining above key short-term moving averages. Accumulate on dips towards Rs 2,900–2,850.


SOMIL MEHTA
HEAD OF RETAIL RESEARCH, MIRAE ASSET SHAREKHAN

Where is Nifty headed?
Nifty is currently trading between 23,700 and 24,400, indicating consolidation. Nifty’s key resistance near the 200- day moving average of 24,800 remains, while immediate support is placed at 23,500. A break below this level could drag the index towards 23,000–22,800. Overall sentiment remains cautious amid global uncertainties.

Trading Strategy: The preferred approach is to buy Nifty spot.

Buy zone: 23,700– 23,800 | Target: 24,000–24,100 | Stop Loss: 23,600

TOP STOCK BETS
ITC Buy | CMP: Rs 315| Stop Loss: Rs 300 | Target: Rs 340
The stock has broken out of an inverted head-and-shoulders pattern and is trading above short-term averages.

Larsen & Toubro
Buy | CMP: Rs 4,014 | Stop Loss: Rs 3,900 | Target: Rs 4,300
The stock is forming a flag pattern and is expected to break out on the upside.

DHUPESH DHAMEJA
DERIVATIVES RESEARCH ANALYST, SAMCO SECURITIES

Where is Nifty headed?
The setup points to a range-bound market with a mild bearish bias at higher levels. A decisive move above 24,500 could revive buying momentum, while a break below 23,800– 23,700 may lead to fresh downside. The index faces resistance near the 50- DMA around 24,260.

Trading Strategy: A Bear Call Spread is recommended for the May 5 expiry, suitable for a moderately bearish view. The strategy involves buying one lot of the 24,000 Call at Rs 206 and selling one lot of the 23,800 Call at Rs 333 .

Break-even: 23,927 Maximum Loss: Rs 4,758 Maximum Profit: Rs 8,242
This strategy benefits from a range-bound to mildly negative market, while capping both risk and returns.

TOP STOCK BETS
Anand Rathi Wealth Buy | CMP: Rs 3,601 | Stop Loss: Rs 3,480 | Target: Rs 4,107
Shows a strong bullish setup, with a sharp upmove followed by a healthy flag consolidation. A breakout above Rs 3,200 and a higher high–higher low structure reinforce the trend.

Sterlite Technologies
Buy | CMP: Rs 294 | Stop Loss: Rs 277 | Target: Rs 321

The stock is sustaining near recent highs after a sharp move, forming a higher high–higher low pattern. A tight consolidation near resistance suggests potential for a continuation breakout, supported by steady volumes.