Trade Setup For July 25: Nifty Support Remains Intact At 24,900 Levels
Although the intraday market texture for Nifty 50 appears weak, a fresh selloff is possible only after the levels of 25,000 are breached, an analyst said.
The NSE Nifty 50 may remain rangebound in the near-term, according to Rupak De, senior technical analyst at LKP Securities. On the downside, the benchmark index remains intact at 24,900 levels, he said.
On the other hand, a sustained move above 25,260 may induce a fresh rally, he added.
Although the intraday market texture for Nifty 50 appears weak, a fresh selloff is possible only after the levels of 25,000 are breached, according to Shrikant Chouhan, head equity research at Kotak Securities. Below these levels, the market could retest 24,900-24,835, he said.
Chouhan emphasised that if the market moves above 25,125, a technical bounce back to 25,250 could occur. Further upside may continue, potentially lifting the index to 25,325.
Market Recap
India's benchmark equity indices closed lower on Thursday, weighed down by shares of Reliance Industries Ltd., Infosys Ltd. and HDFC Bank Ltd.
The NSE Nifty 50 ended 157.8 points or 0.63% lower at 25,062.1, while the BSE Sensex closed 542.47 points or 0.66% down at 82,184.17.
Currency Update
The Indian rupee ended Thursday's trading session flat against the US dollar, settling at 86.41. The local currency started strong during the earlier phase of the trading session, but later pared the gains as crude oil prices rose.
This brings an end to the rupee's prolonged six-day weakness against the greenback and comes against the backdrop of the signing of the free trade pact with the United Kingdom.
