- NSE Nifty 50 likely to trade between 25,200 and 25,800 in the near term
- Key positional support for Nifty placed at 25,200 to 25,000 by Bajaj Broking
- Nifty closed 120.85 points lower at 25,355.25, falling for the second session
The NSE Nifty 50 is likely to trade within the 25,200–25,800 range in the near term, with the key positional support placed at 25,200–25,000, according to analysts from Bajaj Broking Research.
Only a decisive move above 25,600 will open further upside towards the 25,800 mark. Structurally, the broader trend remains positive, it said.
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The Nifty formed a sizable bear candle with a lower high and lower low, signalling corrective bias, Bajaj Broking said. It recommended to traders to adopt a buy-on-dips strategy as long as the index holds above the support area of 25,200–25,000.
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Hardik Matalia, derivative analyst for Choice Broking, saw the support zone lying between 25,330 and 25,300, whereas the immediate resistance was identified at 25,500, followed by a strong hurdle near 25,600.
The Bank Nifty, another keenly tracked index, finds support at 56,000–55,500, while resistance lies at 57,600, as per Bajaj Broking.
Market Recap
The Indian benchmark equity indices continued to fall for a second session on Thursday, dragged by share prices of Bharti Airtel Ltd. and HDFC Life Insurance Co.
The NSE Nifty 50 ended 120.85 points or 0.47% lower at 25,355.25, while the BSE Sensex closed 345.80 points or 0.41% down at 83,190.28.
Currency Update
Rupee closed three paise stronger against US dollar at 85.65.
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