Nifty 50 Faces 25,000 Resistance | Bank Nifty Gains
By Market Desk
Nifty 50 expected to trade range-bound with 25,000 as key resistance. Bank Nifty shows positive momentum, closing 0.56% higher. Market analysis and key levels.
The Nifty 50 is poised for a range-bound session on Monday, with technical analysts pinpointing the 25,000 mark as a significant resistance level. Despite ongoing consolidation, the broader market trend maintains a positive stance, supported by the index holding above key moving averages.
Nifty 50: Consolidation and Key Levels
Nandish Shah, Deputy Vice President at HDFC Securities, observed the Nifty consolidating between 24,400 and 24,700 across the past three trading sessions. This movement has established a pattern of lower highs and higher lows on the daily chart.
- Immediate hurdle for Nifty: 24,770
- Next major resistance: 25,000
- Immediate support zone: 24,430-24,380
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, echoed a constructive outlook, noting that recent subdued price action has not undermined the market’s underlying strength. A decisive breach above 24,770 could clear the path for another attempt at the 25,000 milestone.
Conversely, a slip below the 24,430-24,380 support zone might trigger short-term weakness. However, any correction within this identified range is anticipated to attract renewed buying interest, reinforcing the market’s positive bias.
Bank Nifty’s Positive Close Amidst Consolidation
The Bank Nifty concluded Friday’s session on a positive note, recording a gain of 0.56% to close above the critical 58,000 level. Analysts maintain that the banking index retains a constructive technical structure.
- Bank Nifty gain on Friday: 0.56%
- Closing level: Above 58,000
- Immediate resistance zone: 58,500-58,600
- Potential breakout targets: 59,100, then 59,600
- Strong support zone (290-day EMA): 57,600-57,500
Momentum indicators for the Bank Nifty suggest a phase of consolidation in the near term. A decisive breakout above the 58,500-58,600 resistance could propel the index towards 59,100 and subsequently 59,600, according to Sudeep Shah. The 290-day exponential moving average, positioned between 57,600 and 57,500, is expected to provide robust support for the banking index.