The NSE Nifty 50, which closed higher on Wednesday, is currently facing resistance near 25,000, according to analysts.
Technically, the Nifty formed an inside bar candle on the daily chart, suggesting consolidation within the previous candle’s range.The index is currently facing resistance near 25,000, according to Hrishikesh Yedve, technical and derivatives research analyst at Asit C. Mehta Investment Interrmediates Ltd.
“A decisive move above 25,000 could lead the index to test 25,200–25,250 levels. On the downside, strong support is placed near 24,430, where the 21-day exponential moving average is positioned,” he said.
A breakout above 25,000 could push the market up to 25,100–25,150, according to Shrikant Chouhan, head equity research at Kotak Securities.
“On the flip side, if the market drops below 24,650, sentiment could turn negative. Falling below this level, the correction wave is likely to accelerate. In such a scenario, the market could retest the levels of 24,500–24,450,” Chouhan said.
The Bank Nifty settled on a marginally positive note at 55,075. Yedve said that technically, the index formed a doji candle on the daily chart, indicating indecision.
On the downside, strong support is seen near 54,520, while short-term resistance is placed at 55,700 levels. Traders are advised to monitor these levels closely for potential trading opportunities,” he said.
Market Recap The benchmark equity indices closed higher, breaking a three-session losing streak on Wednesday, amid volatility in the domestic stock markets.
The NSE Nifty 50 closed 129.55 points, or 0.52% higher at 24,813.5 and the BSE Sensex ended 410 points, or 0.51% up at 81,596. During the day, the Nifty gained 1.06% to 24,946, while the Sensex declined 1.03% to 82,021.
Currency Market The Indian Rupee closed flat at 85.64 against the US dollar, reflecting a day of cautious trading, influenced by various global and regional factors.
Leave a Reply