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Summary is AI Generated. Newsroom Reviewed
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Nifty's intermediate support lies between 25,000 and 24,900 levels
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Critical support zone near 24,800 due to 20 and 50 DEMA positive crossover
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Nifty's resistance levels are around 25,250 and 25,340 zones respectively
The intermediate support level for the Nifty index is anticipated to reside within the 25,000-24,900 range, which is expected to provide a buffer against potential declines, according to Osho Krishan, Senior Analyst – Technical and Derivatives, Angel One Ltd.
"Furthermore, the positive crossover of the 20 and 50 DEMA around 24,800 is regarded as a critical support zone from a positional perspective," Krishnan said.
At the higher end, intermediate resistance levels are identified around 25,250, followed by a bearish gap located in the 25,340 zone, according to Bajaj Broking Research.
"Nevertheless, given the current technical configuration, the range of 25,500 to 25,600 appears to be attainable in the near term," Bajaj Broking Research commentary said.
The Bank Nifty, another keenly tracked index, faces immediate support at 54,000 levels holding above the same will keep the bias positive, Bajaj Broking said.
"Index has immediate resistance at 55000 levels, a move above the same will open further upside towards 55,800 levels in the coming weeks." it said.
Market Recap
The Nifty ended in the green for the eighth consecutive session on Friday, marking its longest winning streak in over a year. On a weekly basis, both the Nifty and the Sensex posted a second week of rally.
The NSE Nifty 50 settled 108.5 points or 0.43% higher at 25,114 and the BSE Sensex closed 355.97 points or 0.44% up at 81,904.7. The Nifty rose as much as 0.54% during the day to 25,139.45, while the Sensex was also up 0.54% to 81,992.85.
The index appears to be consolidating its recent gains, gradually forming a base. As long as it sustains above 24,850, the undertone remains constructive, according to Rupak De, senior technical analyst at LKP Securities.
Currency Update
Rupee closed 16 paise stronger at 88.28 against the US dollar in Friday. It closed at 88.44 a dollar on Thursday.
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