Nifty Holds Steady Above 24,500, SEBI RAs Target 25,100 Amid Cautious Optimism

Indian equity benchmarks stayed buoyant at noon on Monday, with the Nifty 50 comfortably holding above the critical 24,500 level. 

Market sentiment remained upbeat amid robust trading volumes, suggesting continued investor confidence despite looming resistance zones.

SEBI-registered analyst Krishna Pathak observes that the Nifty 50 has confirmed a bullish breakout above the crucial support zone at ₹24,500, a move that is reinforced by robust trading volumes and positive price action.

The presence of an ascending support trendline further highlights the index's structural strength, with a pattern of higher lows signaling sustained buying interest. 

However, Pathak cautions that as the Nifty 50 approaches the resistance area between ₹24,900 and ₹25,100, there is potential for some consolidation or profit booking in the near term.

The key technical monitoring levels include the support zone at ₹24,500, which is validated by the rising trendline, and the resistance zone spanning ₹24,900 to ₹25,200.

Echoing a similarly optimistic tone, analyst Shubham Jain emphasizes that the 24,000 mark is a very strong support zone for the index, reinforcing its technical resilience.

Jain believes that if the index closes around its current levels, it could set the stage for further bullish opportunities in the sessions ahead.

As the Nifty inches closer to the psychological 25,000 mark, market participants are advised to monitor short-term signals closely, balancing optimism with caution in anticipation of potential profit-taking.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on