Sneha Seth from Angel One analyzes the Nifty and Nifty Bank indices, noting key support and resistance levels. The Nifty finds support around 24,200-24,300 and faces resistance near 24,500-24,700. Profit-taking is evident in the banking index, which finds support at 54,400-54,500. Seth highlights a positive shift in writer positions for Nifty.

Seth observes that both indices have shown strong movement, followed by a period of consolidation, which she considers healthy. She points out that the support levels have shifted upwards, a positive indicator. For the Nifty, a strong support zone lies around 24,200-24,300, with resistance at 24,500, followed by 24,700. The banking index is experiencing profit-taking from higher levels, with a significant support zone around 54,400-54,500. Declines towards this zone could present buying opportunities. Resistance for the banking index is near 56,000, and surpassing this level could trigger further momentum.

Seth recommends two stock picks: MGL and SBI Card. MGL has shown decent buying interest in recent sessions and is up by 3%. There's a strong resistance around 1400-1405 levels. Given the options activity with buildup in out-of-the-money strikes at 1440 and 1420, Seth believes MGL may surpass this resistance and head towards 1440 and above. She suggests going long on MGL at current levels with a stop loss around 1362 and a target of 1447.

SBI Card also looks promising, having shown a strong upward move recently. Its chart structure is taking support near the 20 DMA on the daily chart, indicating a positive outlook. Seth anticipates continued upward movement in SBI Card, recommending a buy for a target of Rs 924, with a stop loss around Rs 877. These recommendations are based on the analysis of chart patterns and options data as of May 6, 2025.