The underlying trend of Nifty remains positive. A sustainable move above the hurdle of 24,700 levels could open the next upside target of 25,000-25,100 in the near term. Immediate support is at 24,500 levels, said Nagaraj Shetti of HDFC Securities.
Open Interest (OI) data showed the highest OI on the call side at 24,900 and 25,000 strike prices, while on the put side, it was concentrated at 24,500 strike price.
What should traders do? Here’s what analysts said:
Tejas Shah, JM Financial & BlinkX
The technical structure of Nifty is relatively stronger than Bank Nifty. We believe that as long as Nifty is holding above 24,400, the rally is likely to continue and can test the next resistance of 24,850 on the higher side. Support for the index is now seen at 24,600 and 24,350-24,400 levels. On the higher side, immediate resistance for Nifty is at 24,850 level and the next resistance is at 25,000.
Rupak De, LKP Securities
The trend is likely to remain strong as long as it stays above the 24,600-24,650 range. A decisive fall below 24,600 might trigger a reversal of the current uptrend. On the higher end, the Nifty might move towards 24,840-24,860.Hrishikesh Yedve, Asit C. Mehta Investment Interrmediates
Nifty filled the first gap hurdle and formed a bullish candle on the daily scale, indicating strength. On the downside, the 21-Day Exponential Moving Average (DEMA), positioned near 24,410, will serve as strong support in the short term. As long as the index remains above 24,400, the bullish momentum is expected to persist. On the upside, the next gap hurdle is placed near 24,960, which will act as the first resistance for the index, followed by the previous all-time high around 25,080.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
