Trade Setup For Nov. 24: Nifty Finds Support At 26,000–25,850

The NSE Nifty 50 has found key support at 26,000 and 25,850 or the 20-day simple-moving average, according to Amol Athawale, vice president of technical research.

As long as the market is trading above these levels, the bullish sentiment is likely to continue, according to the analyst.

The Nifty has formed a bear candle, which mostly remained contained inside previous session range, signalling consolidation amid weak global cues near the previous all-time high of 26,277.

"Going ahead, a follow-through strength above all-time high will open further upside towards the 26,500 levels in the coming weeks," Bajaj Broking Research said.

Failure to move above the same will lead to consolidation in the range of 26,277-25,700. Short-term support is placed around the 25,500-25,700 range being a confluence of the 50 days extended-moving average and the recent breakout area, the brokerage said.

On the higher side, Athawale said that 26,250 could be the immediate resistance zone for the bulls. A successful breakout above 26,250 could push the market up to 26,500, according to the analyst.

For the Bank Nifty, the identified key support is 85,000 and 84,500 levels, according to Athawale. Bank Nifty formed a bear candle with a lower high and lower low, highlighting profit booking at higher levels amid weak global cues.

"For Bank Nifty, 58,300 would act as a trend decider level. Above this, it could move up to 59,500. Further upside may lift the index to 59,800-60,000. Conversely, if it falls below 58,300, the chances of hitting 58,000-57,700 increase," Athawale said.

Bajaj Broking expects the index to retain its positive momentum and move towards the 59,800 level in the coming week, based on the measuring implication of the recent range breakthrough.

"Meanwhile, the 58,300–58,000 zone is likely to act as a crucial support area, with the previous resistance now expected to serve as support," the brokerage said.