The sentiment of the NSE Nifty 50 remains positive, with the potential to revisit 25,000 in the coming days, according to Rupak De, senior technical analyst at LKP Securities.
De emphasised that the immediate support for the index is placed at 24,800, below which it may drift towards 24,500. "On the higher side, a decisive move above 25,000 could trigger a larger rally in the market," he added.
The short-term market outlook is positive but buy on intraday dips and sell on rallies would be the ideal strategy for day traders, according to Shrikant Chouhan, head equity research at Kotak Securities
On the downside, Chouhan predicts that 24,800 and the 20-day simple moving average of 24,750 would be key support levels for the Nifty, while 25,000 (50-day SMA) and 25,100 could act as crucial resistance areas for the bulls. "However, below 24,750, the uptrend would become vulnerable. In that case, traders may prefer to exit their long positions," he added.
Market Recap
India's benchmark equity indices closed higher on Monday. Shares of Maruti Suzuki, Hero MotoCorp and Bajaj Auto contributed positively to the index.
The NSE Nifty 50 ended 245.65 points or 1% higher at 24,876.95 and the BSE Sensex closed 676.09 points or 0.84% up at 81,273.75.
Currency Update
The Indian rupee rose 23 paise to close at 87.36 against the US dollar on Monday, supported by strong domestic equities.
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