- NSE Nifty 50 has strong support at 26,100-26,000, indicating potential upward movement
- Critical structural support at 25,850 reinforces investor confidence, says Angel One's Krishnan
- Resistance expected at 26,300-26,400, with hurdles challenging upward momentum
The NSE Nifty 50 has found support at 26,100ā26,000 levels, indicating a strong foundation for potential upward movement, according to Osho Krishan, chief manager of technical and derivative research at Angel One.
"Additionally, the pivotal support level identified from the previous week, situated at 25,850, serves as a critical structural base that reinforces investor confidence," Krishnan said.
The Nifty has formed a bearish candle with a similar open and high, highlighting profit booking at higher levels near the all-time high, according to Bajaj Broking Research. "Immediate support is placed at the last week breakout area of 26,000-25,800, sustaining above the same will keep the bias positive."
On the flipside, 26,300-26,325 is likely to act as a sturdy hurdle, presenting a significant challenge to upward momentum, according to Krishnan. The analyst identified resistance levels at 26,325-26,400 levels.
"Going ahead, we expect the index to maintain overall positive bias and head towards 26,500 and then towards 26,800 levels in the coming week being the measuring implication of the recent broader range breakout (26,100-25,400)," Bajaj Broking said.
"Going forward, we remain optimistic about the domestic market and expect any dips to benefit the Bulls," Krishnan said. "Additionally, sectoral rotation is evident, and traders should be vigilant on thematic movers to gain an edge in the markets," he added.
Bank Nifty
The Bank Nifty sees support at 59,400-59,000 levels. It has formed a bearish candle with a similar open and high, Bajaj Broking Research said.
Krishnana identified resistance levels for the index at 60,000-60,300 levels.
"Key support is placed at 58,300-58,600 levels being the confluence of the last two weeks lows and recent breakout area," Bajaj Broking said. "Going ahead, a follow through strength above Monday's high (60,114) will open further upside towards 60,400 and then towards 61,000 levels in the coming weeks."
Markets Recap
The benchmark stock indices closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows.
The NSE Nifty 50 closed 27.2 points or 0.1% down at 26,175.75, while the BSE Sensex ended 64.77 points or 0.08% lower at 85,641.9 on Monday.
During the day, the Nifty climbed 0.46% to hit a lifetime high of 26,325.8, while the Sensex jumped 0.52% to hit a record intraday high of 86,159.02.
(With PTI inputs)
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
