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The Economic Times
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    Tech view: 25,500 crucial resistance for Nifty; decisive up move to take index higher. How to trade on Thursday

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    Tech view: 25,500 crucial resistance for Nifty; decisive up move to take index higher. How to trade on Thursday
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    Synopsis

    Nagaraj Shetti of HDFC Securities believes the short-term outlook for the Nifty is positive but with limited price movement. He suggests dips towards 25,200-25,100 could offer attractive buying opportunities. A decisive move above 25,500 might propel the Nifty toward higher targets.

    Tech view: 25,500 crucial resistance for Nifty; decisive up move to take index higher. How to trade on ThursdayAgencies
    The Nifty formed a small negative candle on the daily chart experiencing some profit booking ahead of the anticipated FOMC rate cut decision, which seems to be priced in a 25-bps cut.

    The short-term trend of Nifty remains positive with range-bound action. Any dips down to the support of 25,200-25,100 is expected to be a buying opportunity. A decisive up move above 25,500 levels could pull Nifty towards the higher targets, said Nagaraj Shetti of HDFC Securities.

    In the open interest (OI) data, the highest OI on the call side was observed at 25,500 and 25,400 strike prices, while on the put side, the highest OI was at 25,300 strike price followed by 25,200.

    What should traders do? Here’s what analysts said:

    Jatin Gedia, Sharekhan

    On the daily charts, we can observe that the Nifty has been range bound between 25,250 – 25,500 for the last four trading sessions. We expect this consolidation to break out on the upside and target levels of 25,700 from a short term perspective. Support is placed in the zone of 25,200 – 25,150.


    Hardik Matali, Choice Broking

    On the daily chart, the Nifty index made a new record high of 25,482.2 but could not sustain higher levels, as selling pressure pulled the market lower, closing below the 25,400 mark. The index has formed a Doji candle, signaling indecision in the market and a potential reversal in the near term. For the uptrend to continue, the Nifty must sustain above the 25,500 level. Conversely, 25,200 serves as important support, and a close below this level could trigger extended selling pressure, potentially driving the index down to 25,000.

    Growfast

      Hrishikesh Yedve, Asit C Mehta Investment Interrmediates

      Technically, the index formed a Spinning Top candle on a daily scale near its all-time high, signaling some short-term hesitation. Therefore, on the upside, 25,500 will act as an immediate hurdle for Nifty. If the index sustains above 25,500, it could test the 25,600 levels. On the downside, 25,280-25,300 serves as an immediate support base for Nifty followed by 21-DEMA support, which is placed near 25,080 levels. As long as Nifty stays above 25,080, a "buy on dips" strategy is advisable, with the potential for the index to test 25,600 in the short term.

      Rupak De, LKP Securities

      Lately, Nifty has been moving within a small range. On the downside, there is support at 25,300. If Nifty falls below this level, it could lead to a further drop towards the 24,900-25,000 range. On the upside, 25,500 is acting as a resistance level, meaning it may be difficult for the market to move above this point in the short term.

      (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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      Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

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