Nifty Faces Resistance Near 25,400: SEBI RA Krishna Pathak Sees Bullish Retest

Indian equity markets remained firm in afternoon trade on Thursday, as easing tensions in the Middle East boosted investor sentiment. 

The Nifty Bank index hit another record high, driven by strong gains in HDFC Bank, Axis Bank, and ICICI Bank. Banking stocks continued their upward trend for the third session. However, broader markets underperformed with the Nifty Midcap and Smallcap indices trading flat.

SEBI-registered analyst Krishna Pathak observed that the Nifty 50 index showcased a strong rebound from lower levels, breaching past the ₹25,310 resistance with volume confirmation. However, the bulls faced minor resistance near ₹25,400, leading to a short-term consolidation phase, he added.

The index faced resistance near ₹25,400–₹25,450, forming a minor rejection wick. He pegged strong support near the ₹25,280–₹25,220 range.

According to Pathak, the recent price action shows a breakout above the previous supply zone, followed by a minor pullback. Technically, the move suggested a bullish breakout followed by a retest, with the 9-period Exponential Moving Average (EMA)  acting as a key support on the 15-minute chart. 

He believes that if the Nifty index sustains above ₹25,336, the rally may extend toward ₹25,500-₹25,700, which remains the next short-term target. On the downside, a break below ₹25,280 may attract profit booking, dragging the index toward the ₹25,220 zone.

Data on Stocktwits shows that retail sentiment has remained 'bullish' on the Nifty.

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