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NSE Nifty 50 is expected to consolidate between 25,200 and 24,800 after recent gains, according to analysts
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A move above 25,220 could push Nifty towards 25,400–25,500 next week, said Bajaj Broking
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Analysts said Bank Nifty is likely to consolidate between 56,500-55,500 after recent rise of over 2,300 points
The NSE Nifty 50, which snapped a four-session gains, is likely to consolidate in the range of 25,200–24,800, forming a base after the recent up move, according to analysts.
"On the higher side only a move above Tuesday's high of 25,220 would open further upside towards 25,400–25,500 in the coming week, being the trendline resistance connecting the major highs of June and September 2025," Bajaj Broking Research said.
From a technical standpoint, a sustained move above 25,150 can open the door for an upward move toward the 25,200 zone, according to Amruta Shinde, technical and derivative analyst at Choice Broking. "On the downside, immediate support is placed around 24,950–24,900, which may serve as potential accumulation levels for long positions."
Shinde expects the index to remain range-bound between 24,900 and 25,200 in the near term. "On the downside, support is placed at 24,800-24,900 levels, being the confluence of the 20- & 50-day extended moving average and the 61.8% retracement of the last up move (24,588-25,220)," Bajaj Broking said.
Bank Nifty
The Bank Nifty formed a high wave candle with a small real body and shadows in either direction, signalling consolidation amid stock-specific action after more than 2,300 up move in the last six sessions, according to Bajaj Broking Research.
"Immediate support is seen around 55,800–55,700, and a decisive break below this zone could accelerate weakness toward lower levels," Shinde said.
Bajaj Broking analysts said that they see the index likely consolidating in the range of 56,500-55,500, thus forming a base after the recent up move.
On the higher side, only a move above Tuesday’s high of 56,500 would open further upside towards the all-time high of 57,300-57,600 in the coming week, they said.
"On the upside, resistance is placed near 56,200–56,300, and only a breakout above this range could trigger a meaningful rally. For now, the index is expected to consolidate within the 55,700–56,300 range," Shinde said.
Bias for the Bank Nifty index remained positive and dips should be used as a buying opportunity, according to Bajaj Broking.
Market Recap
The benchmark indices NSE Nifty 50 and BSE Sensex on Wednesday snapped their four-day streak of gains. The Nifty IT remained the only gaining sector for the day ahead of second-quarter earnings season. Tata Motors and Mahindra & Mahindra fell the most in the Nifty index.
Currency Update
The rupee closed 2 paise weaker at 88.80, nearing its record low against US dollar. The record low was 88.81 a dollar, which i hit on Sept 30. It closed at 88.78 a dollar on Tuesday.
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