Nifty hits new record high; crucial support now shifts to 25,000

Stock market trend

Indian benchmark indices are trading positive amid volatility. After multiple attempts, the Nifty 50 index touched a new record high of 25,114. According to experts, the index needs to sustain itself above 25,200 to enter the next breakout phase, which will set a positive bias for next monthly expiry.

At 11:35 hrs IST, the Sensex was up 244.02 points or 0.30 percent at 81,955.78, and the Nifty was up 78.30 points or 0.31 percent at 25,096.10. About 1,869 shares advanced, 1,392 shares declined, and 100 shares unchanged.

Bars in red indicate the change in open interest (OI) of call writers, while the green bars show the change in OI of put writers

Options data suggests strong support at the 25,000 level, followed by 24,950 and 24,800, where significant put writing is observed. Sudeep Shah, DVP and Head of Derivative and Technical Research at SBI Securities, stated, "The index is likely to continue its upward trajectory, testing levels of 25,130 followed by 25,250 in the short term. On the downside, the zone between 24,950 and 24,930 will act as immediate support. If the index slips below 24,930, the next support is expected in the 24,850–24,820 zone."

Avdhut Bagkar , Technical and Derivative analyst at Stoxbox said, "The Nifty 50 index set a new all-time high, with 25,000 serving as a key support level. The underlying bias remains optimistic as long as this support is defended."

"While another new all-time high will add strength, the index needs to sustain itself above 25,200 to trigger the next breakout phase. A close above 25,000 in tomorrow's expiry could set a bullish tone for the next expiry, " added Bagkar.

Bagkar also highlighted that a move toward 25,700 cannot be ruled out. "A breakdown below 24,700 could lead the index to retest the 24,000 support level. At the current momentum, the 50-day moving average (DMA), positioned at 24,355, also acts as a support," he concluded.

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