Market Recap: Nifty Climbs Amidst Bullish Undertone

After a flat opening, Nifty witnessed buying momentum that lifted it up to 24,900 in the first half. It then remained range-bound between 24,800–24,900 and finally settled with a gain of 0.99%.

The Nifty Midcap 100 underperformed, closing with a gain of 0.64%.

Technical View: Promising Reversal

Technically, on the daily chart, the market has made a promising reversal and is currently trading comfortably above the 20-day SMA (Short Term Moving Average), which is largely positive. We believe 24600/80900 and 24450/80500 will be the key support zones for short-term traders, while 25000/82300 will be the immediate resistance zone for the bulls. A successful breakout above 25000/82300 can take the market to 25150-25500/82700-83600.

Potential Downside

On the other hand, below 24450/80500, the sentiment may change. Below this, the market may slip to 24380/80300. Further downside may continue, which may drag the index to 24165/79700. Be ready for a large activity on either side.

Bank Nifty Levels

For Bank Nifty, a higher lower support is placed at 54575, as long as it is trading above the same, the bullish momentum would likely continue. On the higher side, 55700-56100-56500 would act as a major resistance zone for the bulls. However, below 54575, the uptrend may weaken.