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If the Nifty 50 manages to reclaim and sustain above 25,200 — the key immediate resistance — the levels to watch out for would be 25,350–25,450, provided it continues to defend the 25,000–24,900 support zone, according to experts.
The weekly options data also highlighted 25,200 as the immediate resistance, with support in the 25,100–25,000 zone for the Nifty 50.
If the Nifty 50 index decisively manages to take out the 25,200–25,250 zone, a rally toward 25,450 (September high) is possible. Until then, consolidation may continue with support at 25,000–24,900.
The market is expected to consolidate further until a decisive breakout above the previous day's high occurs. Below are some short-term trading ideas to consider.
Overall, the trend remains in favour of the bulls, as the Nifty 50 sustained well above all key moving averages. As long as the index stays below 25,200, consolidation may continue with support at 25,000–24,900, according to experts.
Going ahead, 25,200–25,300 is expected to be the immediate hurdle for the Nifty 50, as above it, 25,450 (September swing high) is the level to watch. However, sustaining below it can lead to consolidation with support at 25,000–24,900, experts said.
Overall, the trend remains favourable for bulls, but some consolidation can't be ruled out given the healthy rally in the last few sessions. Below are some short-term trading ideas to consider.
Technical and momentum indicators remained favourable for bulls, with a continuation of the higher top–higher bottom formation. Hence, if the index decisively surpasses this hurdle, the 25,400–25,500 levels are the ones to watch, provided the 25,000–24,900 zone holds as support, according to experts.
The weekly derivatives data indicated that the Nifty may trade in the 25,000–25,500 range in the short term.
The Nifty 50 is likely to face a hurdle at 25,200–25,250, followed by 25,400–25,450 being key resistance. However, the support is placed at 25,000–24,900, experts said.
The improved sentiment may drive the market gradually toward the September high. Below are some short-term trading ideas to consider.
If the Nifty 50 manages to defend the 25,000 mark, which is the immediate support, then the levels to watch in the short term are 25,100 and 25,250. However, on the lower side, 24,900 is expected to be a crucial support, according to experts.
Weekly options data suggested that the Nifty 50 may face a hurdle at the 25,200-25,500 range, with support at 24,900.
For further upward movement, the Nifty 50 needs to reclaim and sustain above 25,000 for a potential move toward 25,100–25,200. However, until then, consolidation may be seen, with immediate support at 24,750, followed by 24,600 as crucial support.
The market is expected to gain further strength only if it decisively climbs above the midline of the Bollinger Bands. Below are some short-term trading ideas to consider.
The 25,000 level is expected to be a crucial hurdle for any further uptrend toward 25,100–25,250 in the Nifty 50. Until then, consolidation and rangebound trading may persist, with support at 24,600, experts said.
The zone of 25,050–25,100 will act as a crucial resistance area for the Nifty 50, as it coincides with the 61.8 percent Fibonacci retracement of the recent decline, said Sudeep Shah of SBI Securities.
Implied Volatility is the momentum input in the Option Premium. This is what defines how much of the expected move is priced into the Option Premium.
The support for the Bank Nifty is around 54,800 while next resistance is around 55,800 and 56,500 for the next few sessions, Arun Kumar Mantri said.
The India VIX, which measures the expected market volatility, remained subdued for the fourth consecutive session, providing comfort to bulls. It was down by 2.21 percent to 10.06, the lowest closing level since September 19.
Overall, the daily and weekly timeframe trend continue to be in a sideways band Nifty 50. There is no clear direction as far as Nifty is concerned, said Rahul Ghose of Hedged.
As long as the Nifty 50 stays above 24,600, a buy-on-dips strategy is advised by experts.
The market needs to surpass short- and medium-term moving averages for a persistent uptrend. Below are some short-term trading ideas to consider.
The Nifty 50 needs to surpass and sustain above 25,000 for a sharp upward journey. Until then, it may see consolidation and range-bound trading, with 24,600 acting as support — a level that has been defended in the previous three sessions, experts said.
The volatility index, India VIX, fell sharply by 7.03 percent to 10.29 and dropped below short-term moving averages, providing strong comfort for the bulls.
