Trade Setup For Sept. 2: Nifty Support At 24,400–24,337
The NSE Nifty 50 ended 0.81% higher at 24,625.05 and the BSE Sensex closed 554.84 points up at 80,364.49 on Monday.
The NSE Nifty 50 formed a bullish candlestick pattern with a higher high and a higher low, signalling an initial sign of pause in the corrective decline, according to analysts.
"Going ahead, index holding above last week low of 24,400 will lead to consolidation in the range of 24,400-24,900," Bajaj Broking Research said. "Support is placed at 24,400-24,337 levels being the confluence of the recent lows and the key retracement area."
A breach below the same will signal acceleration of decline towards the key support area of 24,000-23,800 levels being the confluence of the 52 weeks EMA and the previous major lows and the previous major breakout area, said Bajaj Broking Research.
The Bank Nifty formed a bull candle, which remained contained inside previous session price range signaling consolidation around the 200 days EMA, according to analysts.
The Bank Nifty has immediate support at 53,200-53,500 being the confluence of the 200 days EMA and the low of May 2025, Bajaj Broking said.
Market Recap
The NSE Nifty 50 ended 198.2 points or 0.81% higher at 24,625.05 and the BSE Sensex closed 554.84 points or 0.7% up at 80,364.49.
Currency Update
The Indian rupee closed flat at 88.20 a dollar on Monday.
