The short-term trend of Nifty continues to be positive with range-bound action. The market is now set to challenge another opening down gap resistance of August 2 around 24,960. Hence, one may expect the index to move towards 24,960 and 25,100 levels in the next one week. Immediate support is placed at 24,650 levels, said Nagaraj Shetti of HDFC Securities.
What should traders do? Here’s what analysts said:
Tejas Shah, JM Financial & BlinkXThe short-term moving averages are just below the price action and should continue to support the indices on every decline. Support for Nifty is now seen at 24,650 and 24,500 levels. On the higher side, immediate resistance for Nifty is at 24,850 level and the next resistance is at 25,000. Overall, till this higher high syndrome continues one should not fight the trend.
Osho Krishan, Angel One
Nifty is steadily approaching the critical resistance of the bearish gap situated around 24,850-24,950, which would be crucial to monitor given the current momentum. On the flip side, a gradual upshift in the support base is evident, with 24,650-24,600 likely to provide a cushion for any potential setbacks, while the sacrosanct support lies around the pivotal zone of 24,500.
Jatin Gedia, Sharekhan
On the daily charts, we can observe that the Nifty is heading towards 24,830-24,900 zone. Sector rotation is helping the index stay at elevated levels. A negative divergence is developing on the momentum indicator, so the up move is likely to be slow and might encounter intraday pullbacks. In terms of levels, 24,550-24,500 shall act as a crucial support zone and on the upside 24,900-24,960 shall act as an immediate hurdle from a short-term perspective.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)