Trade Setup For June 12: Nifty Support Placed At 25,000
A decisive move above 25,200 can push the index to 25,350–25,400, says Shrikant Chouhan of Kotak Securities.
The NSE Nifty 50 extended its consolidation phase and the immediate support zone is placed at 25,000, with resistance at 25,300, according to Rajesh Bhosale, equity technical analyst at Angel One.
"A breach below 25,000 may trigger profit booking towards 24,850, while a breakout above 25,300 could open the door to 25,500," he said.
Bajaj Broking said the index is sustaining above the breakout area of 24,900–25,000 and remains positive. "Immediate hurdle is at 25,300, followed by 25,500," the brokerage said.
Shrikant Chouhan of Kotak Securities said the index remains in a narrow range of 25,000–25,200. "A decisive move above 25,200 could push the index to 25,350–25,400, while a move below 25,000 may lead to a decline towards 24,850–24,775," he said.
Market Recap
The benchmark equity indices closed higher on Wednesday, resuming their advances after a one-day pause. The NSE Nifty 50 ended 37.15 points or 0.15% up at 25,141.4, while the BSE Sensex gained 123.42 points or 0.15% to close at 82,515.14.
Currency Update
The Indian rupee ended 7 paise higher at 85.55 against the US dollar on Wednesday, compared to its previous close of 85.62 on Tuesday.
