Indian equities end volatile session in green extending gains for the second day. The Nifty 50 index found resistance at 25,450-25,500 levels, according to Osho Krishan, chief manager -Technical and Derivative research at Angel One.
“On the resistance side, the range of 25450-25500 is likely to present an intermediate obstacle, and a decisive breakout above this level may revive buying interest in the index,” Osho Krishan said.
The Nifty formed a second consecutive bullish candlestick pattern with a higher high and a higher low, signalling continuation of the pullback from the extreme oversold territory, according to Bajaj Broking Market Commentary.
“The Nifty has rebounded more than 350 points in the last two sessions from the key support area of 25,000–24,800, being the confluence of the lower band of the last seven-month rising channel and the 52-week extended moving average,” Bajaj Broking said.
A follow-through strength can see the index moving higher towards 25,500 levels in the coming sessions, as per the analysts Overall, ahead of the Union Budget, the index is likely to consolidate in the range of 24,900-25,550 amid stock-specific action, the brokerage said.
The Nifty index finds support at 25,150 – 25,000 levels according to Osho Krishan.
Bank Nifty
The Bank Nifty Index in the short term is likely to consolidate in the range of 60,400-58,500 according to Bajaj Broking Research. Only a move above the recent high of 60,400 will open further upside towards the 61,500 levels, according to the brokerage.
“Key support, as mentioned in earlier editions, is placed at 58,000-57,500 levels, being the confluence of the 100-day EMA and the major breakout area,” Bajaj Broking Research said.
“The daily stochastic has generated a buy signal moving above its nine-period average, thus validating positive bias,” it added.
The Index finds resistance at 59,800 – 60,000 levels according to Osho Krishan.
Market Recap
The Nifty had fallen below the 25,200 levels but closed near 25,300 during the day’s trade. Intraday, both Nifty and Sensex rose nearly 1%. The Nifty ended 167.35 points or 0.66% higher at 25,342.75. The BSE Sensex ended 487.20 points or 0.60% higher at 82,344.68.
