Stock Market Update: Nifty 50, Sensex Likely to Open Lower amid Failed US-Iran Talks

Last week, Nifty 50 gained 5.89%, its biggest weekly gain in five years, snapping its six-week losing streak. The index formed a bullish candle with higher highs and higher lows on the weekly chart.

“The broader market structure remains positive, and a further short-covering rally could push the Nifty 50 index towards the 24,300-24,500 zone in the near term. The base continues to shift higher, with immediate support now placed around 23,800 levels. Momentum indicators and oscillators are also signaling strength, as the RSI has moved above the 50 mark,” said Nilesh Jain, Head of Technical and Derivatives Research Analyst, Centrum Broking Ltd. 

On the upside, 24,300 will act as a resistance; a sustained break above this level could trigger a rally toward 24,600 in the short term.