Indian markets are set for a subdued start on February 24 with weakness in global markets and mixed derivatives positioning. Early indicators from GIFT Nifty show a negative opening as the index is trading near 25,607. It is around 98 points below the previous Nifty futures close.

On Monday, the Sensex climbed 479.95 points or 0.58% to 83,294.66 while Nifty 50 advanced 141.75 points or 0.55% to settle at 25,713. This marked the second straight session of gains.

Sensex Outlook

Technically Sensex holds above its 20-day Simple Moving Average near 83,000 which now acts as an immediate support. 

Sustaining above this level could help the index try a move toward the 83,600 resistance zone. A decisive breakout beyond 83,600 may open the path toward 84,000-84,200.

On the downside a break below 83,000 may shift short-term sentiment. It may drag the index toward 82,700-82,500 where buying interest previously emerged.

Nifty 50 Outlook

Nifty 50 formed a small bullish candle with long shadows on its daily chart and this indicates uncertainty at lower price levels. 

The derivatives data show that traders have placed large put options at the 25,700 strike while heavy call writing can be seen at 25,750 and 25,800 strike prices.

Immediate support is placed near the 21-day moving average around 25,570 while resistance is seen in the 25,800-25,900 zone. 

A sustained move above 25,900 could trigger short covering and push the index toward the 26,000 mark. But failure to hold 25,550 may invite profit booking.

Volatility stays contained with India VIX near 14.10 though a move below 13 would indicate stronger risk appetite returning to the market.

Bank Nifty Outlook

 Bank Nifty closed at 61,264 and formed a candle with an extended upper shadow that showed selling pressure at higher price levels. 

The 61,500-61,600 range acts as a key hurdle to break. A breakout above 61,600 will create momentum that moves toward 62,200-62,600.

The immediate support is at 60,800-60,700 and broader support is found at 60,500-60,200 which aligns with the 20-day EMA.

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Broader Market & Macro Factors

Midcaps and Smallcaps showed divergence because Midcap 100 index decreased by 0.4% while Smallcap 100 index increased by 0.3% through stock-specific trading activities. 

Global markets saw improved sentiment amid easing tariffs as concerns declined after indications of a 15% global tariff framework. It is lower than previous estimates. 

Gold prices on MCX declined by 0.60% amid stronger US Dollar and US-Iran tensions.