By Vineet Kumar 
The Indian stock market continues to trade in a consolidation phase, but market experts believe the Nifty 50 could witness a sharp upside move if it decisively crosses the crucial 24,500 mark.
While the immediate congestion zone for the Nifty lies between 23,800 and 24,000, the real resistance is placed near 24,533 levels. This level is considered significant because it represents the 100-week moving average, which was breached earlier this year in March.
As long as the Nifty remains below this level, it may continue to act as a strong resistance zone for the broader market. However, if the index successfully holds key support levels, a gradual move toward 24,500 cannot be ruled out.
On the sectoral front, the Nifty Bank Index may relatively underperform in the near term as the relative strength of banking stocks against the broader market continues to weaken.
Despite the recent sharp rally in Cummins India and Exide Industries, market experts still see opportunities in these counters. Investors are advised to accumulate the stocks gradually in small quantities instead of chasing the rally aggressively. Existing investors can continue to hold their positions.
Among industrial and capital goods stocks, ABB India and CG Power and Industrial Solutions are expected to remain strong over the medium to long term as their trend structure continues to stay positive.
Swiggy is also showing signs of a technical bottom formation. Analysts believe the stock could witness stronger momentum once it crosses the Rs 270–275 zone.
Meanwhile, India VIX has cooled down to pre-war levels, but markets are yet to witness strong directional momentum. Falling volatility levels indicate a higher possibility of the Nifty gradually moving upward, provided crucial support zones remain intact.