The NSE Nifty 50 is likely to commence the trading session at a downturn on Monday with an immediate support at 23,750–23,700 levels, despite ending the previous day’s trade in the green, due to a negative upmove of GIFT Nifty Futures and US markets closing lower in the last trading day.
The Indian stock market traded higher on Friday, led by buying in IT, realty and energy stocks, following upbeat global market cues. The Sensex traded over 500 points, or 0.7%, higher above 76,600 level, while the Nifty 50 gained over 0.2%, to rise above 23,900 level. The Bank Nifty index rose above 57,500 level.
The GIFT Nifty futures saw a 0.04% downturn to 23,999.50 at 21:01 p.m.
Going forward, the 23,750–23,700 zone is expected to act as a crucial support area, according to Sudeep Shah, head of technical and derivatives research at SBI Securities.
“A decisive breach below 23,700 could trigger further weakness towards 23,600–23,570 levels. On the upside, 24,050–24,080 will act as an immediate hurdle, while a sustained move above 24,080 could trigger a pullback towards 24,200 levels,” Shah said.
The Nifty index remains vulnerable below 24,000–24,050, according to Dhupesh Dhameja, derivatives research analyst, Samco Securities. “A sustained breakout above this zone could improve momentum and trigger short covering, while 23,800 remains the critical level buyers must defend. A breakdown below it could accelerate weakness towards 23,500,” the analyst said.
Bank Nifty Outlook
Going forward, the 56,900–56,800 zone is expected to serve as a crucial support area, as per Dhameja. “A sustained hold above this region could maintain the ongoing consolidation phase. On the upside, the 57,800–57,900 zone is likely to act as an immediate resistance area,” the analyst stated.
“Nifty Bank ended the session at 57,369.65, down 0.02%, forming a classic Doji candle after a session of marginal movement and closing the week lower by 0.22%,” according to Om Mehra, technical research analyst, Samco Securities.
A decisive breakout above this zone or a breakdown below 56,800 could mark the end of the current consolidation phase and trigger a meaningful directional move, according to Dhameja.
ALSO READ: IPOs This Week: Rentomojo, Kanohar Electricals, Nine Others To Raise Rs 7,055 Crore — Check Details
Essential Business Intelligence,
Sharp Market Insights,
Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
Source link
[ad_3]
