The NSE Nifty 50, which rose for a second consecutive day in a row on Wednesday, now faces support at 25,100 levels, according to stock market analysts.
The frontline index has given a "decisive close above the 25,100 mark, which is now expected to act as immediate support", said Aditya Gaggar, director of Progressive Shares.
With the current momentum, Nifty 50 appears to move towards the 25,350 to 25,450 zone in the near term, the analyst added.
Bajaj Broking stated that Nifty is currently testing the upper band of the last six weeks range of 24,500-25,250. "Going ahead index closing above the upper band of the range will signal extension of the rally and will pave the way for a further leg higher towards the 25,500 in the near term," it said.
For Bank Nifty, another keenly tracked index, the brokerage sees 54,500–54,000 as key support zone. On the upside, the index can retest the levels near 57,050, it indicated.
Market Recap
The benchmark equity indices closed with gains on Wednesday, led by share prices of Titan Ltd. and Grasim Industries Ltd.
The NSE Nifty 50 ended 200.40 points, or 0.80% higher at 25,244.75, while the BSE Sensex closed 700.40 points, or 0.85% up at 82,755.51. During the day, the Nifty rose 0.89% to trade at 25,266.80 and the Sensex rose 0.93% to 82,815.91.
Currency Update
The Indian rupee closed 11 paise weaker at 86.09 against the US dollar on Wednesday in comparison to its previous close of 85.98 on Tuesday.
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