Nifty Below 26,000: Analysts Flag Near-Term Fatigue Despite Positive Trend

• Heavy-volume selling from the highs and RSI above 70 hint at consolidation in the coming sessions.
• Near-term resistance is seen around 26,100 
• Experts caution that a dip below 25,650 could extend losses toward 25,200.

Indian equity markets gave up gains in the last hour of trade on Thursday, with the Nifty index ending below 26,000. Optimism over the announcement of a US-India trade deal soon has kept the bulls in control on Dalal Street. The GIFT Nifty indicates a positive start on Friday. 

Will markets end the truncated festive week on a high? SEBI-registered analysts shared the trade set-up on Stocktwits.

Trade Setup For October 24

Dipak Takodara highlighted that while the Nifty index had a gap-up trade on Thursday, it finished with a wide red body under 26,000 on heavy volumes. 

He added that while the market trend is still positive above the 20/50-day moving average (DMA), the Relative Strength Index (RSI) above 70 and selling from the highs in the previous session suggest near-term fatigue. 

According to Takodara, if the Nifty index breaks above 26,100, the path opens to 26,200–26,277. But a break below 26,000 can lead to back-and-forth between 25,650 and 26,000. If the index moves below 25,650, expect a dip toward 25,200–25,150.

Financial Sarthis identified Nifty support at 25,806, 25,740, and 25,662 with resistance at 25,986, 26,105, and 26,194. For Bank Nifty, they see support at 57,774, 57,409, and 57,129 with resistance at 58,340, 58,623, and 59,043.

A&Y Market Research identified Nifty (Intraday) resistance at 25,891-25,905, with support at 25,742-25,757. For Bank Nifty, they see resistance at 58,230-58,290 and support at 57,827-57,887.

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

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