The NSE Nifty 50, which snapped a two-session losing streak on Monday, is expected to remain in a broader consolidation between 24,400 and 25,200.
The 24,400–24,450 zone, aligning with the 50-day exponential moving average, remains a crucial support. On the upside, reclaiming 24,825 and 25,000 will be key for any bullish traction, according to Rajesh Bhosale, equity technical analyst at Angel One.
He added that traders should consider accumulating on dips near support and lighten positions near resistance.
Choice Broking said the Nifty formed a strong bullish candle on the daily chart, indicating a positive reversal. The index has bounced from the 50-day exponential moving average and crossed above the 20-day moving average, pointing to renewed momentum.
"Support now lies at 24,900, followed by the 24,700–24,500 zone. A breakdown below this may trigger further selling. Resistance levels are seen at 25,000 and 25,200. A breakout above these will be needed to resume the broader uptrend," the brokerage said, urging traders to stay disciplined and cautious amid global event risks.
Bajaj Broking also noted the index's rebound on Monday, forming a bullish candle with a higher high and low, reflecting demand at lower levels. It expects the Nifty to remain in a broader consolidation between 24,400 and 25,200.
"Immediate resistance is at 25,000. A move above this can push the index towards 25,200. On the downside, the 24,500–24,400 band is the key support, coinciding with the 50-day average and the lower end of the consolidation range,” Bajaj Broking said.
Market Recap
Benchmark indices snapped a two-session losing streak on Monday, tracking gains across heavyweights and global cues, as investors cautiously assessed geopolitical developments and awaited key domestic cues.
The NSE Nifty 50 rose 227.9 points, or 0.92%, to close at 24,946.5, while the BSE Sensex gained 677.55 points, or 0.84%, to settle at 81,796.15. In intraday trade, the Nifty hit a high of 24,967.1, up 1.01%, while the Sensex touched 81,865.82, up 0.92%.
Currency Update
The Indian rupee closed 3 paise stronger at 86.06 against the US dollar on Monday, recovering from an early dip after opening at 86.18. The gains came after India’s trade deficit narrowed to $21.88 billion in May, down from $26.42 billion in April, easing pressure on the currency.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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