Pravesh Gour, Senior Technical Analyst at Swastika Investmart, observed that the Nifty is currently demonstrating strong bullish momentum, with the 25,000-25,080 range being a critical resistance zone. He suggested that if the index struggles to surpass this level, a phase of profit booking could follow. However, should the Nifty manage to decisively move above 25,080, it might pave the way for a rally towards the 25,250 mark. On the downside, he identified the 24,880-24,770 range as an immediate demand zone, with the next significant support at the 20-day moving average (20-DMA) of 24,550 if this level is breached.
He advised considering buying on dips near 24,880, with a stop-loss at 24,550 and a target of 25,250. He highlighted key resistance levels at 25,080 and 25,250, while key support levels were marked at 24,880, 24,770, and 24,550.
Read more:
