Nifty rises for 4th day: Is the benchmark getting ready for 24,000 or will markets do an U-turn? Check key…

As per the latest business developments, The gradual upside continued in the market for the fourth consecutive session on September 21 and Nifty closed the day with modest upside of 67 points amid range bound action.

Indian shares edged elevated on Monday, aided by bargain-buying following recent losses, while elevated crude prices and heightened primary market activity limited the upside.

India's Nifty 50 rose 0.29% to 23,414.30 and the BSE Sensex further noted 0.76% to 74,858.99. They were up 0.35% and 0.81% ahead of the closing auction.

Among sectors, Realty, Pharma, and Healthcare indices rallied over 1%, whereas the Capital Market index was the top loser, shedding 1.34%.

Global cues turned somewhat supportive as Brent crude eased below $101 per barrel, aided by expectations of a gradual recovery in Saudi oil shipments. The indian rupee remained relatively stable around the Rs 95.8–96/$ zone.

Nifty and Sensex have fallen for six straight weeks, their longest losing streak in six years.

Where are markets headed?

"A reasonable positive candle was formed on the daily chart that has surpassed the immediate hurdle of mid part of the long bear candle of 15th September around 23,300 marks. Hence, this is positive indication for the short term and the next upside marks to be watched around 23,600, which is the upper area of that long bear candle and additionally a hurdle as per change in polarity.

"Hence, the next important cluster resistance to be watched around 23,600. Any softness from here could find backing around 23,200 marks for the current week," stated Nagaraj Shetti, Senior Technical Research Market observer at HDFC Securities.

"Technically, on intraday charts, the market is holding a pullback formation for day traders. Now, 23,300/74,500 would act as an immediate backing zone. As long as the market is trading above this level, the pullback formation is likely to continue. On the elevated side, 23,500/75,000 would be the immediate resistance zone for the bulls. Above this, the index could move toward 23,600-23,650/75,300-75,500. On the flip side, below 23,300/74,500, the sentiment could change. If it falls below this level, the market could retest the marks of 23,200-23,150/74,200-74,000," stated Shrikant Chouhan, Head Equity Research, Kotak Securities.

"Index on the daily chart formed a bullish candle with a elevated high and a elevated low signaling continuation of the pullback for the fourth session in a row. Index in the last 4 session has been consolidating within last Tuesday sizable bearish candle price range highlighting consolidation after recent sharp slide.

"Nifty in the last four sessions has rebounded from the extreme oversold territory and over the upcoming sessions it is likely to extend its recent consolidation and trade in the broad range of 23,115-23,650. On the elevated side 23,600-23,650 will act as major resistance being the last week high and the recent breakdown area. The index needs to sustain a elevated high and elevated low formation and reclaim 23,650 to signal a pause in the ongoing downtrend.

"On the downside, a breach below the previous week’s low of 23,115 will resume the corrective phase towards the 23,000 and 22,800 marks," stated Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

"Technically, the Nifty’s move back above 23,400 is encouraging following the recent correction and provides some near-term relief. That stated, the 23,600–23,700 zone stays an important hurdle, and a sustained breakout above this range is required to signal a stronger recovery. On the downside, 23,100–23,300 should act as the immediate backing zone, followed by the crucial 23,000 mark. With global yields, crude prices and geopolitical developments still capable of triggering volatility, a selective and hedged approach stays appropriate," stated Ajit Mishra, SVP – research, Religare Broking.