https://x.com/ETNOWlive/status/1919336016822800458
The Nifty 50 index has begun the week on a positive note, standing at 24,419.50, which is 1,857.85 points below its all-time peak of 26,277.35. In the previous session, the index had closed 1,930.65 points short of its record high. On Monday, Indian benchmark indices, Sensex and Nifty, opened higher driven by reduced global trade tensions, robust U.S. employment data, and sustained foreign investment.
Leading the gains were major stocks such as Reliance Industries. Last week, the Indian equity markets wrapped up on a flat-to-positive note, with the Nifty 50 closing slightly higher.
https://x.com/ETNOWlive/status/1919332899083460814
“Despite intraday optimism, the index experienced significant profit booking at higher levels, particularly as it approached the crucial 24,500 mark.
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This resistance triggered a sharp reversal from intraday highs, leading to the formation of a spinning top candlestick pattern on the daily chart, signaling indecision and potential reversal near key resistance zones,” said brokerage firm Choice Broking in a note. From a technical perspective, the Nifty is currently in a narrow consolidation band between 24,500 and 24,000 levels. The brokerage firm added, “The index’s inability to sustain above 24,500 suggests selling pressure from supply zones.
A decisive close above 24,500 could open up further upside towards 24,800 and eventually the psychological 25,000 mark.
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Sensex and Nifty rise on optimism
However, until such a breakout occurs, the market is expected to trade with a sideways bias.
On the downside, immediate support lies near the 24,100–24,000 zone.”
The Bank Nifty was the worst-performing sector in Monday’s trading session, down 0.49 percent at 54,846.30. The index closed at 55,115.35 last week, marking a 0.83% gain from the previous week’s close. “This week, Bank Nifty formed a small-bodied bullish candle with a long upper wick, supported by consistent trading volumes.
This indicates rejection at higher levels and a possible pause in the current uptrend,” the brokerage firm noted. “The candlestick pattern reflects indecision among market participants and suggests a likely consolidation phase in the near term. A ‘buy on dips’ strategy is recommended as long as the index holds above 53,500, with upside targets placed at 55,500 and 56,000.
The index is expected to face significant resistance in the 55,500–56,000 range. If it continues to move higher, ICICI Bank from the private banking sector and SBI from the public sector are expected to support the uptrend.”
The market is on a watch for a potential breakout above the crucial 24,500 level for Nifty 50, which could pave the way towards the psychological 25,000 mark. Investors are advised to monitor key technical levels and employ a cautious approach due to prevalent market indecisiveness.
