F&O Talk: Nifty IT gaining strong momentum, says Sudeep Shah; outlines HDFC Bank, ICICI Bank strategy after Q1

Analyst Sudeep Shah of SBI Securities noted Nifty 50 has been consolidating in the 24,530-23,785 range for five weeks, with a Bollinger Band Squeeze on the daily chart and ADX at 10.56 (its lowest since July 2021) suggesting a potential breakout. Nifty IT gained nearly 5% this week showing strong momentum, while Bank Nifty is approaching the upper end of its 58,706-56,549 consolidation range ahead of Q1 earnings from HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. Key resistance for Nifty is at 24,500-24,550 with a breakout potentially targeting 24,800-25,000, while support lies at the 20-day EMA zone of 24,100-24,050.