Trade Setup For Sept. 11: Nifty Likely To Continue Upward Move, Immediate Support At 24,950

Analysts expect the markets to continue its up-move on the back of positive global cues and GST-led consumption boost.

The index has formed a high wave candle and if it holds above 24,891 and 24,915 levels, then the bias positive will extend the current pullback towards 25,200 and 25,250 levels in the coming session, according to Bajaj Broking.

"From a technical perspective, a decisive move above 25,160 could open the path toward 25,340, while immediate support is placed at 24,950 and 24,850 — zones considered attractive for initiating fresh long positions," said Amruta Shinde, technical and derivative analyst at Choice Broking.

"Overall, we expect the Indian market to continue its gradual up-move, supported by positive global cues, GST-led consumption boost and robust domestic macros," said Siddhartha Khemka, head of research, wealth management at Motilal Oswal Financial Services Ltd.

The Bank Nifty was range bound and continued its consolidation within the 54,400 and 54,700 band. "A breakout from this range, backed by strong price action, will likely dictate the next directional move," said Shinde.

"The 200-day EMA has proven to be a reliable support zone on the daily timeframe," added Bajaj Broking Market. According to the brokerage, Monday's low of 54,300 is the immediate support for the index.