Mid-Day Market Analysis : Nifty Struggles at Resistance, Bank Nifty Shows Strength
By CapitalKeeper | Mid Day | Indian Equities | Market Moves That Matter
As the clock ticks past mid-day on 29th May 2025, the Indian equity markets are holding firm despite global caution ahead of US GDP data. Domestic indices are exhibiting resilience, particularly Nifty 50, Bank Nifty, and Fin Nifty, all maintaining key support zones. Market breadth remains positive with midcaps outperforming.
📈 Nifty, Bank Nifty & Fin Nifty – Technical Check (as of 12:45 PM)
📌 Nifty 50 – 24,748 (+0.01%)
- Support: 24,700 / 24,670
- Resistance: 24,920 / 25,050
- RSI: 58 – Healthy bullish range
- MACD: Holding bullish crossover
- Trend: Consolidation with upside bias
📌 Bank Nifty – 55,230 (-0.32%)
- Support: 55,000 / 54,750
- Resistance: 55,700 / 56,000
- RSI: 62 – Firmly positive
- MACD: Sustained bullish signal
- Trend: Breakout possible above 55,700
📌 Fin Nifty – 26,340 (-0.48%)
Trend: Sideways-to-positive
Support: 26,280 / 26,150
Resistance: 26,500 / 26,650
RSI: 60 – Positive but nearing resistance
MACD: Bullish zone
India VIX: 13.21 (Volatility remains contained)
🔍 Sector-Wise Technical Overview
🏦 Banking & Financials – Strong Momentum
- Bank Nifty has rebounded strongly, gaining over 250 points.
- RSI in several banking stocks like ICICI Bank and HDFC Bank is trending above 55.
- MACD crossover is bullish in key financial names.
- Positive flows into financials suggest continued strength for intraday traders.
🧭 Sector-Wise Performance (Till Mid-Day)
✅ Private & PSU Banks
- Leading the rally with strength in ICICI Bank, SBI, and Axis Bank
- Positive cues from Bank Nifty aiding sentiment
✅ Auto Sector
- Mid-cap auto stocks shine: TVS Motor, M&M, Ashok Leyland
- Festive pre-sales expectations and exports aiding momentum
✅ IT Sector
- Mild rebound seen in Infosys and TCS post global tech relief
- Still range-bound overall
❌ Metals
- Profit booking visible in JSW Steel, Tata Steel
- China demand concerns resurface
✅ Capital Goods
- Positive action in L&T, Siemens amid infra push expectations
💥 Top 5 Mid-Day Active Stocks (29 May 2025)
1. ICICI Bank (₹1,210.75, +0.70%)
- ICICI Bank – ₹1449
- RSI: 64 – Strong bullish strength
- MACD: Crossover extended
- Price Action: In strong trend channel
- Trade Setup: Buy above ₹1,452 with SL ₹1,445 | Target ₹1,570
2. L&T – ₹4,428
- RSI: 66 – Overbought caution
- MACD: Sharp positive divergence
- Price Action: Cup-and-handle breakout zone
- Trade Setup: Buy above ₹4,500 | Target ₹4,610
3. TVS Motor – ₹2,810
- RSI: 69 – Near overbought
- MACD: Still positive
- Price Action: Sustained breakout above ₹2,850
- Trade Setup: Buy on dips to ₹2,810 | SL ₹2,780 | Target ₹2,980
4. TCS – ₹3,490
- RSI: 55 – Neutral
- MACD: Attempting crossover
- Price Action: Triangle formation breakout watch
- Trade Setup: Buy above ₹3,505 for Target ₹3,600
5. Sun Pharma – ₹1,691
- RSI: 59 – Holding bullish base
- MACD: Mild bullish setup
- Price Action: Support at ₹1,655 is crucial
- Trade Setup: Buy with SL ₹1,655 | Target ₹1,750
🔎 Technical Summary
- Nifty is facing stiff resistance near 24,900–25,000 zone. A break above this may lead to short-covering.
- Bank Nifty has taken the lead and is supporting overall sentiment.
- Fin Nifty is maintaining positive bias and could test 22,500 if momentum sustains.
🌐 Global Cues & Dollar Index Impact
- Asian markets are mixed with Nikkei in the red and Hang Seng marginally up.
- Dollar Index (DXY) trading at 100.1 – keeping IT stocks Gain.
- Crude Oil prices are firming up, supporting select energy counters.
📝 Mid Day Takeaway from CapitalKeeper
Intraday traders should manage risk as expiry-related volatility increases
Banking & Auto stocks driving market positivity
Nifty & Fin Nifty sustaining intraday support, hinting at strong close
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