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The Nifty opened a gap and remained above the 24,100 level throughout the entire trading session. However, marginal profit booking was witnessed during the second half of the trading session. The markets witnessed a smart rally where the bulls were in control of the markets, taking the prices higher. The candlestick pattern formed on the daily chart is not an encouraging one. The Nifty Index has formed a DOJI candle on its daily chart which indicates indecisiveness prevailing in the marketplace at the current juncture. Support for Nifty is now seen at 24,200 and 23,950-24,000. On the higher side, immediate resistance for Nifty is at 24,350 level and the next crucial resistance zone is at 24,500-550 levels. Overall, Nifty is likely to remain volatile or consolidate within 24,000–24,500 range in the near term, said Tejas Shah of JM Financial & BlinkX.In the open interest (OI) data, the highest OI on the call side was observed at 24,300 and 24,200 strike prices, while on the put side, the highest OI was at 24,200 strike price followed by 24,000.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that the Nifty is in the process of retracing the fall it has witnessed from 26,277 – 23,260. We expect the retracement to continue towards 24,770, which coincides with the 50% Fibonacci retracement level. Dips toward support zone 24,120 – 24,070 should be considered as buying opportunity.Praveen Dwarakanath, Hedged.inNifty further gapped up with the positive boost due to the results of state elections. However, it was rejected from the immediate resistance at 23,350 levels. It has formed a doji candle for the day, indicating uncertainty in the rally. Unless Nifty closes above the 24,350 level sustainably, one should continue to hold the view of selling on the rise in the index. The momentum indicators on the weekly are rising from the oversold region, indicating a possible upside towards the immediate resistance at the 23,350 level. Options writer's data for the monthly expiry showed an increase in the put writing at the 24,300 level and below while a short covering of calls below the 24,100 level, indicating a further upside in the index.Rupak De, LKP SecuritiesThe Nifty opened with a gap-up on Monday and traded sideways throughout the day. The index has moved above the 21 EMA, indicating improving sentiment. The RSI is in a bullish crossover and trending upward. The sentiment is expected to remain positive in the short term, with buying on dips likely to favor traders. On the higher side, 24,500 is expected to act as a crucial resistance; a decisive move above this level could trigger a further rally. Support on the lower side is placed at 23,950–24,000.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Paytm shares rallied over 4% to hit their 52-week high at Rs 939 in Monday's trade on BSE after the digital payments service provider announced the launch of an automatic top-up feature for its UPI LITE service, enabling PIN-less transactions for payments under Rs 500.The new feature, currently available for select Yes Bank and Axis Bank users, automatically recharges the UPI LITE balance when it falls below a predetermined limit.The UPI LITE service allows daily transactions of up to Rs 2,000, catering to small-value payments like groceries, transportation, and daily purchases. Users can top up their UPI LITE balance directly from linked bank accounts, with a focus on seamless, clutter-free transactions.Additionally, Paytm has introduced a UPI statement download feature, enabling users to track transactions made through UPI LITE separately. These small transactions are processed through an on-device wallet, avoiding the need to access bank accounts directly, which keeps bank statements streamlined.Also Read: Investors gain nearly Rs 9 lakh crore in post-election D-Street rallyPaytm’s UPI service operates in partnership with major Indian banks, including the State Bank of India, HDFC Bank, Axis Bank, and Yes Bank. The platform has expanded internationally, supporting UPI payments in several countries, including the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal.Despite the early rally, Paytm shares saw some profit booking during the session. As of 1:24 pm, the stock was trading at Rs 889.8, down 1.1%. Meanwhile, over the past three months, the stock has gained 60%, and in six months, it has risen 160%. Paytm's current market capitalization stands at Rs 56,711 crore.Brokerage Take on Paytm Global brokerage Bernstein also reaffirmed its bullish stance on Paytm, raising the target price for the fintech giant from Rs 750 to Rs 1,000 per share.While maintaining an 'Outperform' rating, Bernstein notes that discussions around Paytm have shifted from survival concerns to focused analysis of both bull and bear case scenarios.In the bull case, Bernstein expects Paytm to benefit from lending partly from its balance sheet, alongside improvements in payment margins. This could lead to a ~100% upside in its base case earnings per share (EPS) estimates. However, in the bear case, Bernstein sees payment margins coming under pressure, and loan disbursal growth could slow down, resulting in a 40% downside to their base case EPS estimates.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)