Nifty Indices Resilient Amid Global Headwinds, Buying Interest at Support

The Nifty indices have shown remarkable resilience in the face of global headwinds, according to the analysis. The markets have displayed a mature response, with buying interest emerging near support zones earlier in the week. However, towards the end of the week, some key support levels were breached, marking the fifth consecutive week of lower-lows formation.

Despite the volatility, the fall has been relatively contained, suggesting some cushion on the downside for the Nifty indices. The markets appear to be entering a profit-booking phase, with the 24,000 mark acting as an important support level. On the upside, resistance is expected around 24,500 and then at 24,700.

Among the standout performers, Titan remains a preferred pick, with the anticipation of a healthy increase in volumes during the upcoming festive season. Technically, Titan looks quite strong, with an immediate target of ₹3,600 and potential for further gains in the medium term.

On the other hand, NTPC has shown a lacklustre performance over the past three months, with every small recovery followed by profit-booking. Caution is advised for this stock, as a sustained move above ₹340 would be required to make it interesting again from a fresh buying perspective.

In contrast, Cummins India has demonstrated strong positive momentum, consistently forming higher tops over the past six months, indicating sustained buying interest. The momentum looks set to continue, with the stock eyeing ₹3,950 as the immediate target and ₹4,100 positionally.