Benchmark indices Sensex and Nifty on Tuesday failed to build up on Monday's gain, as they fell for the fourth time in last five sessions. Analysts said the session was largely influenced by persistent geopolitical uncertainty, particularly around US–Iran negotiations, which kept crude oil prices elevated and weighed on sentiment. Additionally, pressure in banking stocks following regulatory developments related to provisioning norms further capped the upside. 

Nifty outlook

Osho Krishan of Angle One, India's third largest brokerage by active clients, said Nifty stayed range-bound between its 20-day and 50-day DEMA over the past few sessions, indicating a lack of clear directional bias. 

Krishan said market breadth continued to appear tentative, reflecting a pronounced tug-of-war between the bulls and the bears. 

"On the downside, the 23,800-23,750 zone is expected to provide immediate support, while a stronger cushion is placed near the bullish gap in the 23,550-23,500 range in the near term. Conversely, a sustained move above 24,250-24,300 could revive buying interest, with a key resistance seen around the 24,550-24,600 zone. Until clearer strength emerges, adopting a buy-on-dips approach appears prudent," he said.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said Nifty faced selling pressure around 24,200 levels. A small bearish candle was formed on the daily chart with minor upper shadow. Technically, this market action indicates a range-bound action in the market with weak bias, he said.

"The short-term uptrend status remains intact and Nifty seems to have formed a higher bottom at 23,813 on 24th April. A decisive move above the immediate resistance of 24,200 could bring bulls back into action again. However, immediate support is placed at 23,800 levels," the analyst at sixth largest broker in terms of active clients said. 

Sensex outlook
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking said Sensex currently trading in a consolidation phase after recent volatility, reflecting indecisiveness among market participants. The immediate support for Sensex is placed in the 76,300-76,400 zone, which may act as a key demand area on declines, he said.

On the upside, Tailor sees resistance at around 77,300-77,500 zone, where supply pressure is likely to emerge and may cap further upside, he said.

"The near-term outlook remains cautious with a slight negative bias, as intermittent selling pressure continues to persist. While selective buying is visible, ongoing geopolitical uncertainties and global market cues may keep volatility elevated, limiting sharp directional moves in the short term," he said.