The NSE Nifty 50 is expected to open lower on Friday, after the stock market closed flat on Thursday, while US markets started the trading session in the red.
The index finds support at 25,000 levels, according to Nagaraj Shetti, senior technical research analyst at HDFC Securities.
He further stated that a decisive move above 25,400 could open upside towards the next higher levels of 26,000 in the near term.
"A small bullish candle was formed on the daily chart with upper and minor lower shadow. Technically, this high wave type candle formation echoes ongoing volatility in the market near the key overhead resistance of 25,400 levels," he said.
"The present consolidation after two weeks of stellar rally indicates a lack of selling pressure despite being placed near the key hurdle. The ongoing consolidation/minor dip could be completed soon, and this is going to be a buying opportunity for the short term," he added.
The Indian stock market ended with minor gains in a volatile session on Thursday as lower crude oil prices improved sentiment, with buying led by banking and financial stocks.
The Sensex closed 31.61 points, or 0.04%, higher at 81,911.01, while the Nifty 50 settled 44.30 points, or 0.18%, higher at 25,299.35. The Bank Nifty index jumped 726.10 points, or 1.19%, to end at 61,518.50.
Gift Nifty futures saw a 0.06% uptick to 25,311.50 at 10:06 p.m.
The West Texas Intermediate was trading 0.96% higher to $87.36 per barrel. Brent oil futures traded 1.53% higher to $94.18 at 10:27 p.m.
A decisive move above 25,400, Nifty could open upside towards the next higher levels of 26,000 levels in the near term. Immediate support is placed at 25,000.
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Om Mehra, technical research analyst, SAMCO Securities identified immediate support is placed at 25,100, followed by 25,000.
"On the upside, 25,440 is the immediate resistance, followed by 25,500," he said.
Bank Nifty Outlook
Nifty Bank ended the session at 61,518.50, up 1.19%, forming a long bullish candle that closed near the day's high.
The immediate support is placed at 61,000, followed by 60,800. On the upside, 61,765 (all-time high) is the immediate resistance, followed by 62,000, according to Mehra.
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