NSE Nifty 50 Key Support Analysis
The Nifty 50’s key support is located between 24,500 and 24,400, creating a significant demand zone attracting buying interest. Analysts at Bajaj Broking Research highlight this crucial level as a key area in the market.
Technical Details on Support Levels
The 24,500–24,400 range combines various technical indicators including the previous swing low, the 100-day EMA, and the 61.8% Fibonacci retracement level. These factors contribute to the strong support zone identified by experts.
Market Outlook
Bajaj Broking notes a bullish candle formation on the daily chart around the 100-day EMA, indicating potential buying activity. The recent uptrend and positive indicators suggest a favorable market sentiment.
Potential Upside and Consolidation
Analysts anticipate a consolidation phase for the Nifty 50 between 24,500–25,000. A break above 25,000 could lead to further gains towards recent highs at 25,250. Positive market dynamics support this outlook.
Bank Nifty Analysis and Support Levels
Examining the Bank Nifty, experts observe a similar bullish trend with the index likely to test the 55,500 level in the near future. Bajaj Broking’s analysis provides insights into potential movements in the banking sector.
Expert Opinion
Mandar Bhojane from Choice Broking highlights the importance of sustaining levels above 24,800 for a potential rally towards 25,000 and 25,200. Support at 24,600 is crucial, with downside risks towards 24,200–24,160 if breached.
To read more about the technical analysis on NSE Nifty 50 and Bank Nifty, follow the link in the bio.
