Analysts point to 25,120 as the next key hurdle. The bullish trend remains intact above 24,800.
The Indian equity market saw a week of consolidation, yet benchmark indices Nifty and Sensex managed to post modest gains. This resilience, despite intermittent selling pressure, signals underlying bullish sentiment.
Analysts suggest that the market is at a critical juncture, with a decisive move above key resistance levels likely to trigger the next leg of the rally.
SEBI-registered analyst Ashish Kyal highlights the technical strength in the Nifty50, which reversed sharply after respecting the key support at 24,490 last week.
He also observed that a decisive break above 25,120 would signal a resumption of the upward trend, with the next target set at 25,300.
Kyal highlights 24,830 as the immediate support level, suggesting that traders should continue to ride the trend while employing a trailing stop-loss strategy to protect profits.
Bharat Sharma echoes the bullish undertone, noting that Nifty’s close above the psychological 25,000 mark is a key signal for positional traders.
While some intraday retracement was expected, Sharma maintains a bullish stance as long as the index stays above 24,800.
He expects further consolidation around the 25,000 level, which could strengthen the base for a breakout to new highs.
For intraday trading, he identifies immediate support at 24,960, with a secondary support near 24,800 and a minor support around the 50 EMA on the 15-minute chart near 24,900.
On the upside, immediate resistance is placed at 25,040, and a move above this could lead to a test of 25,100, with a stronger upside expected beyond 25,100.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<