The NSE Nifty 50 has formed a bull candle, which remained contained inside the previous session's price range, signalling continuation of the consolidation amid stock-specific action, according to analysts.
"The Nifty is currently placed around the 20- and 50-day extended moving average placed around 24,800 levels, which is likely to act as an immediate resistance," Bajaj Broking Research said. "Going ahead, the index is likely to consolidate in the range of 24,400-24,800. A breakout above 24,800 will open further pullback towards 25,000 levels."
On the downside, 24,600 remains the immediate support, with stronger support placed around the 24,500 mark. On the upside, 24,800 is seen as the immediate resistance, followed by a strong hurdle at the 25,000 mark, according to Hardik Matalia, derivative analyst at Choice Broking.
The Bank Nifty formed a sizable bear with a higher and lower low, signalling selling pressure around the 54,000 levels, according to analysts.
The Bank Nifty has immediate support at 53,500-53,300 levels being the confluence of the 200-day EMA and the low of May 2025. A breach below the same will signal acceleration of decline towards the key support area of 52,500-52,000 levels in the coming week, Bajaj Broking said.
Market Recap
The benchmark equity indices ended in the green on Wednesday on expectations of a GST rate reduction, which can help boost consumption.
The NSE Nifty 50 settled 135.45 points or 0.55% higher at 24,715.05 and the BSE Sensex closed 409.83 points or 0.51% up at 80,567.71. The Nifty rose as much as 0.64% during the day to 24,737.05, while the Sensex was up 0.64% to 80,671.28.
Currency
The Indian rupee closed 9 paise stronger at 88.07 against the US dollar.
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