Nifty Finds Support At 25,350–25,300

The NSE Nifty 50 has found its support zone at 25,350-25,300, according to Rajesh Bhosale, equity technical analyst at Angel One.

“On the levels front, 25,350-25,300, which encompasses a weekly breakout zone, 50% Fibonacci retracement, and 50-day EMA, is likely to be seen as an intermediate and sacrosanct support zone, and any breakdown is likely to dampen sentiments in the near term,” Bhosale said.

The index formed a bearish-bodied candle with a lower wick and a small upper wick was formed, indicating selling pressure at higher levels, according to Hardik Matalia, derivative analyst at Choice Broking.

“On the upside, resistance is seen at 25,600 and 25,700, with the latter acting as a key hurdle. A sustained breakout above 25,800 could trigger a bullish move, potentially targeting the 26,000–26,200 zone in the coming weeks,” Matalia said.

Going ahead, Bajaj Broking expects the index to hold above the support area of 25,200-25,400 and gradually head towards the immediate resistance of 25,850 and then towards the recent 52 weeks high of 26,100 in the coming weeks.

For Bank Nifty, Bhosale identified resistance in the 58,000-58,200 zone.

“The Bank Nifty index formed a Doji candle on the daily chart, indicating indecision in the market. Buying interest was observed in public sector undertaking banks, while private banking stocks showed some hesitation,” Matalia added.

“As long as the index remains below the 58,500 mark, it is likely to trade in a range-bound manner. Overall, the setup suggests a sideways to consolidation phase in the near term,” he added.

Matalia identified support for the index at the 57,500-57,000 range.