Nifty breaks its 12-session lower-high sequence, but bulls need a sustained move above 24,280 to confirm a near-term recovery.
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Nifty breaks its 12-session lower-high sequence, but bulls need a sustained move above 24,280 to confirm a near-term recovery.
Nifty's seven-session losing streak has pushed the index below its 50-day moving average, with the 23,960-24,137 zone emerging as a key support area for a potential technical rebound.
The Nifty 50 fell 0.46% to 24,471.70 as rising crude prices weighed on sentiment, with the 20-day moving average emerging as a key support for the broader recovery trend.
The Nifty recovered from key technical support on Friday, but the short-term trend remains weak. Here's what traders should watch this week.
Nifty closes above July 8 high, but banking sector earnings will determine whether the index can sustain the move.
The Nifty recovered more than 200 points from the day's low, but technical indicators suggest the index remains range-bound unless it clears the July 8 high.
The Nifty remains locked in a four-week trading range, with geopolitical developments, inflation data and the June-quarter earnings season expected to determine its next move.
Apart from technical levels, the market will also take cues from the start of the earnings season.
The decline was sharp enough to wipe out the gains made during the first five trading sessions of the month in just one session, indicating faster downside retracement.
Nifty holds broader uptrend despite ending its winning streak; support at 24,280 and July 3 gap zone remains crucial.
Nifty is now approaching a key resistance zone between 24,482 and 24,520.
Market participants will now watch whether the move attracts follow-through buying or slips back into the previous range.
Sustaining above the 24,250-24,265 zone will be important if the Nifty is to extend its gains. Failure to remain above that level could keep the benchmark within its recent trading range.
The Nifty broke its recent pattern of lower highs and lower lows, but analysts say the index remains locked in a defined trading range with resistance near 24,124.
AI-led selling in Asian chip stocks triggered a broad market decline, pushing the Nifty below key moving averages. Traders now watch the 23,645-23,818 support zone for direction.
The narrow trading range and Doji formation suggest that market participants remain cautious despite the index closing above a downward-sloping channel.
Nifty now faces a strong resistance zone between 24,090 and 24,210. This range is important because it includes the upper end of the sloping channel, the previous week's high and the 100-DMA.
The immediate resistance for Nifty is placed at 24,290-24,330. A sustained move above this level could take the index towards 24,482, which is May 07 swing high.
The Nifty is now approaching an important resistance area around 24,100.
The Nifty faces resistance in the 24,000-24,127 zone, where several technical levels converge.