The short-term trend of Nifty continues to be choppy, but the near-term uptrend status remains intact. The overall chart pattern is signaling some more consolidation or minor dip in the next 1-2 sessions before bouncing back from the lows. Immediate support is at 24600 levels. However, a decisive move above 25,100 is expected to bring bulls back into action, said Nagaraj Shetti of HDFC Securities.
Open Interest (OI) data showed the highest OI on the call side was observed at 25,000 and 25,500 strike prices, while on the put side, it was at 24,500 strike price.
What should traders do? Here’s what analysts said:
Tejas Shah, Technical Research, JM Financial & BlinkX
Nifty is facing stiff resistance around the crucial psychological resistance of 25,000 mark and we believe that Nifty would further outperform only if it is able to decisively close above this resistance level. Support for the index is now seen at 24,750-800 and 24,450-500 levels. On the higher side, immediate resistance for Nifty is at 25,000 mark and the next crucial resistance zone is at 25,250-300 levels.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty oscillated between 24,800 and 25,000 before closing on a flat note. It seems that the bulls are taking a breather following a rally from 24,200. The trend remains positive, with Put writers putting their weight at 24,800. Buy-on-dips might remain the flavor of the market until the Nifty falls decisively below 24,700. On the higher end, a move above 25,000 might open the gate towards 25,250.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
