The NSE Nifty 50 faces key support in the range of 24,450-24,500 levels, according to Shrikant Chouhan, head of equity research at Kotak Securities.
“If the market succeeds in trading above these levels, it could retest the level of 24,800–24,900. On the flip side, below 24,450, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions,” he said.
The short-term uptrend remains intact and the Nifty is expected to bounce back from near the crucial supports of around 24,500-24,400 levels in the next few sessions, as per Nagaraj Shetti, senior technical research analyst at HDFC Securities. “Immediate resistance is placed at 24,800 levels,” Shetti said.
Bank Nifty, another keenly tracked index, could head towards 56,400 levels in the short term, as per Bajaj Broking Research. “Key support for the short-term point of view is placed at 54,500- 54,000 being the confluence of the Monday’s gap area and 20-day EMA,” the brokerage added.
