The short-term trend for Nifty remains positive with a range bound movement. The market is all set to challenge another open down gap resistance around 24,960 on August 2. Hence, we expect the index to move towards 24,960 and 25,100 levels in the coming week. Nagaraj Shetti, HDFC Securities, said immediate support lies at 24,650 levels.
What should traders do? Here’s what analysts say:
Tejas Shah, JM Financial & BlinkXThe short-term moving averages are just below the price movement and should continue to support the index on any dip. Support for the Nifty is currently seen at 24,650 and 24,500 levels. On the higher side, immediate resistance for the Nifty is at 24,850 levels and the next resistance is at 25,000. Overall, one should not go against the trend as long as this high trend continues.
Osho Krishan, Angel One
Nifty is steadily approaching the key bearish gap resistance around 24,850-24,950 and keeping an eye on this resistance is crucial given the current momentum. Meanwhile, it is evident that the support base is gradually rising and 24,650-24,600 is likely to provide a cushion against a potential pullback, with the sacred support lying around the crucial zone of 24,500.
Jatin Gedia, Sharekan
On the daily chart, we can see that Nifty is heading towards 24,830-24,900 zone. Sector rotation is keeping the index at higher levels. With negative divergences occurring in momentum indicators, the upside may slow down and encounter intraday pullback. In terms of levels, 24,550-24,500 will act as key support zones and on the upside, 24,900-24,960 will act as immediate hurdles from a near-term perspective.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. They do not necessarily represent the views of The Economic Times)
