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News Topical, Digital Desk : The Nifty 50, the leading stock market index, could see further strength in the coming days. According to Lawrence Balanko, a chartist at global brokerage house CLSA, if the Nifty decisively breaks above a key resistance level, an additional gain of approximately 900 points is possible.
In a report released on Thursday, April 16, Balanco said that Nifty is currently testing the resistance zone of 24,300 to 24,400. This level is around the 50-day moving average, which is considered important for the market.
He explained that the Nifty has gained over 2,000 points since its Iran war-related low of 22,182 at the beginning of the month. Large private banking stocks have played a key role in this recovery. According to Balanko, a price and momentum divergence formed in the index at these lows, leading to a sharp rally. The report states that if the Nifty convincingly overcomes the resistance level of 24,300–24,400, it could return to the trading range of the second half of 2025.
The next major resistance level is at 25,130, which is close to the 200-day moving average (200-DMA). This level represents a gain of approximately 900 points from Wednesday's close of 24,210. So far in April, the Nifty has closed with gains in seven out of nine trading sessions, with gains of 1% or more recorded in five of those sessions. This indicates a positive trend in the market.
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