Following Monday’s rally, weekly options data also pointed to 26,000 as the next potential target for the Nifty 50, with key support in the 25,200–25,000 zone.
The short-term view is positive in anticipation of short covering; however, one needs to be cautiously bullish unless a complete trend reversal happens.
The market may remain consolidative with rangebound trading until the August high is decisively broken. Below are some short-term trading ideas to consider.
Technical and momentum indicators are still supportive of the ongoing uptrend. On the higher side, 25,150 is expected to be the immediate key hurdle. A decisive break above this level could open the door for a healthy upward move, according to experts.
Despite the pause, the overall uptrend remains intact as long as the Nifty 50 defends the 25,000 level in upcoming sessions. A successful hold above this level could open the door to 25,154—a crucial hurdle for any further upward movement—followed by 25,250.
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The June swing high may not sustain, if Nifty fails to have broader participation, said Rahul Ghose.
The market may consolidate, but overall, the trend remains favourable for bulls. Below are some short-term trading ideas to consider.
As long as the Nifty 50 holds above the 25,000 level, the 25,250–25,550 range could be the next levels to watch. However, if it slips below this mark, the 24,800 level—where the 20-day and 50-day EMAs as well as the midline of the Bollinger Bands converge—could act as a crucial support, according to experts.
The Nifty 50 index is comfortably trading above its key short-term and long-term moving averages, both of which are beginning to trend upward — a positive sign for the bulls.
Expectation of not rising for the month can also be monetized by Selling a Call Option of strike price closest to the price at the beginning of the month.
The India VIX, generally known as the fear gauge, dropped further and ended at an all-time closing low, adding to market stability and providing comfort for bulls amid reduced uncertainty and low volatility. The index declined 2.29 percent to 10.12, while for the week, it was down 6.1 percent.
If the Nifty sustains above 25,000, the next target to watch is 25,150 (August high), followed by 25,250 as key hurdle. However, the 24,900–24,800 range could act as a key support zone, experts said.
The market is expected to extend its bullish bias, given favourable technical and momentum indicators. Below are some short-term trading ideas to consider.
According to experts, sustaining above the 25,000 level in upcoming sessions is crucial for an uptrend toward the immediate hurdle at the 25,200–25,250 zone, followed by 25,500. On the downside, the immediate key support is placed at 24,900–24,800 levels for the NIfty 50.
Weekly options data indicated that the Nifty is likely to trade in the 24,800–25,500 range in the upcoming sessions.
With trading above all key moving averages and bullish crossovers in momentum indicators and oscillators, the Nifty 50 is expected to sustain the uptrend despite any intermittent consolidation and may be heading toward 25,200–25,250 in the near term, provided it decisively clears 25,000. However, support is placed at 24,800–24,750.
The trend is likely to be upward despite consolidation (if any), as frontline indices now trade above all key moving averages. Below are some short-term trading ideas to consider.
If the Nifty 50 decisively closes above 25,000, the lower high–lower low formation will be negated, and a rally toward 25,150–25,250 cannot be ruled out. However, on the downside, 24,900–24,800 is expected to act as immediate key support, according to experts.
The weekly options data suggest that 25,000 is crucial for further upward direction, as it will open the door for 25,200 and 25,500, with support at 24,900–24,800.
In the near term, if the Nifty 50 holds its immediate support of the 50-DEMA (24,791), the upward journey toward 25,000 and beyond cannot be ruled out. However, below this, the 24,700 level could act as a crucial support.
The market is expected to consolidate before entering a fresh leg of upmove. Below are some short-term trading ideas to consider.
The benchmark index Nifty 50 is expected to march toward the psychological 25,000 mark in the upcoming sessions despite likely intermittent consolidation, provided the 24,700 support getting hold as below it 24,500 can be crucial support, according to experts.
Weekly options data indicates that 25,000 is expected to be a key resistance zone for the Nifty 50, with support at 24,800.
If the Nifty 50 surpasses and sustains above the 50-day EMA (near 24,800), the momentum may gain strength and push the index toward the 25,000–25,200 levels, provided 24,700–24,600 acts as a support zone.
