Trade Setup For June 27: Nifty's Resistance Moves To 25,200 After Third Straight Day Of Gains
On the downside, the immediate support for NSE Nifty 50 is placed in the 24,800–25,000 zone, an analyst said.
The immediate resistance for NSE Nifty 50 has moved to 25,200 levels, after the frontline index logged third straight day of gains on Thursday, according to market analysts.
"Nifty 50 formed a strong bullish candle on the daily chart. If this trend continues, the index is likely to breach its current congestion zone on the higher side. The immediate resistance is seen at 25,200, while the support level has been revised upward to 24,840," Bajaj Broking Research said in a note.
Given this structural support, any corrective pullbacks toward this zone should be viewed as buying opportunities within the broader bullish setup, it added.
"In light of this bullish breakout and momentum confirmation, we are revising our near-term upside projection for the index to the 25,700–25,900 zone," said Aditya Gaggar, director of Progressive Shares.
On the downside, the immediate support base is placed in the 24,800–25,000 zone, the analyst said.
For Bank Nifty, another keenly tracked index, given the recent breakout from the consolidation zone of 56,000–53,500, the implied pattern target projects an upside potential towards 57,800 and 58,500 mark over the coming weeks, Bajaj Broking said.
On the downside, key support base has been recalibrated to the 55,500–56,000 range, the brokerage added.
Market Recap
The benchmark equity indices closed with gains on Thursday, led by share prices of Shriram Finance Ltd. and Jio Financial Service Ltd., as Nifty Bank and Finance surged to hit all-time high levels.
The NSE Nifty 50 ended 304.25 points, or 1.21% higher at 25,549, while the BSE Sensex closed 1,000 points, or 1.21% up at 83,755.87. During the day, the Nifty rose 1.27% to trade at 25,565.30 and the Sensex rose 1.28% to 83,812.09.
Currency Update
The Indian rupee closed 39 paise stronger at 85.70 against the US dollar on Thursday in comparison to its previous close of Rs 86.09 on Wednesday. The currency's decline comes amid ongoing market uncertainty and geopolitical tensions.
The Indian rupee opened 17 paise stronger against the US dollar on Thursday, trading at Rs 85.92. However, it further strengthened by 43 paise to 85.66 against the US dollar. This is the highest level since June 12.
