Trade Setup For July 24: Nifty Faces Immediate Hurdle At 25,325

The 50-day simple moving average at 25,060 and 25,100 will act as key support zones and the sentiments will continue to be bullish if the NSE Nifty 50 remains above these levels, according to Shrikant Chouhan, head equity research at Kotak Securities.

Chouhan highlighted that on the higher side, 25,325 could serve as the immediate hurdle for the bulls, while a successful breakout above these levels could push the market towards 25,400–25,475 levels.  

"On the flip side, if the market falls below 25,060, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions," he added.

The relative strength index on the daily chart is in a bullish crossover and rising above the 50 mark, further reinforcing the positive momentum, according to Rupak De, senior technical analyst at LKP Securities.

In the short term, De said that the sentiment would likely remain optimistic. "On the higher side, Nifty may move towards 25,500, while support is placed at 24,900. A break below this level could weaken the current trend," he said.

India's benchmark equity indices closed higher on Wednesday, led by shares of HDFC Bank Ltd. and ICICI Bank Ltd.

The NSE Nifty 50 ended 159 points or 0.63% higher at 25,219.90, while the BSE Sensex closed 539.83 points or 0.66% up at 82,726.64.

The Indian rupee's weakness against the US dollar continued as it ended trade on Wednesday four paise weaker, settling at 86.41.