Can Nifty reclaim 24,700, and Bank Nifty hold above 53,500? Expert insights
Can Nifty reclaim 24,700, and Bank Nifty hold above 53,500?
The momentum for the Nifty 50 remains strong, but after a significant rally, it might enter a consolidation phase. Immediate support is found at 24,500, with 24,350 being a crucial support level. On the upside, the key resistance levels are 24,700 (20-week SMA) and 24,800 (near the 50% Fibonacci retracement). Breaking through these levels could see the Nifty 50 reach 25,000, according to market experts.
Nifty 50 Trading Strategy: Both the Nifty 50 and Bank Nifty faced minor profit booking amid volatility on December 6, forming small bearish candlestick patterns on daily charts. The Nifty 50, after a five-day rally, closed at 24,678, while the Bank Nifty declined by 94 points to 53,510.
Expert Insights:
Osho Krishan, Angel One: The Nifty showed surprising resilience last week and moved towards a more favorable position despite volatility. The index has surged nearly 6% from recent lows, approaching the 50% Fibonacci retracement at around 24,770. The sentiment is bullish, but caution is advised at higher levels.
Key Resistance: 24,800, 25,000, 25,100
Key Support: 24,500, 24,350, 24,250
Strategy: Buy Nifty Futures on dips to 24,500, with a stop-loss of 24,300, and target 25,000.
Subash Gangadharan, HDFC Securities: The Nifty gained 2.27% last week, consistently making higher tops and bottoms. The short-term uptrend is expected to continue, with corrections holding above the 24,295 support level.
Key Resistance: 24,858, 25,200
Key Support: 24,495, 24,295
Strategy: Buy Nifty Futures near 24,783, with a stop-loss of 24,390, targeting 25,281.
Rajesh Palviya, Axis Securities: The Nifty formed a long bullish candle on the weekly chart, indicating a positive bias. If Nifty crosses and sustains above 24,850, it could attract buying interest towards 25,000–25,200 levels.
Key Resistance: 24,800, 25,000
Key Support: 24,500, 24,350
Strategy: Buy Nifty Futures around 24,550 with a stop-loss of 24,450, targeting 24,800–24,900.
Bank Nifty Outlook and Strategy:
Osho Krishan, Angel One: The Bank Nifty surged 2.79% last week and is now in a significant price zone. The 53,900-54,000 band is crucial for the next move. A breakout above this zone could push the index towards 54,300-54,400 and beyond. Conversely, failure to surpass this resistance could reverse recent gains.
Key Resistance: 53,900, 54,000, 54,400
Key Support: 52,950, 52,750, 52,500
Strategy: Buy Bank Nifty Futures on dips to 53,000, with a stop-loss of 52,750 for a potential target of 53,800-54,000.
Subash Gangadharan, HDFC Securities: Bank Nifty outperformed last week, gaining 2.79%. The short-term uptrend looks set to continue, with corrections expected to hold above the 52,600 support levels.
Key Resistance: 53,888, 54,468
Key Support: 52,850, 52,600
Strategy: Buy Bank Nifty Futures near 53,718, with a stop-loss of 52,800, targeting 55,000.
Rajesh Palviya, Axis Securities: The Bank Nifty formed a bullish candle on the weekly chart. If it crosses and sustains above 53,700, it could see buying pressure towards 54,000–54,300 levels.
Key Resistance: 53,750, 54,000
Key Support: 53,200, 53,000
Strategy: Buy Bank Nifty Futures near 53,350, with a stop-loss of 53,100, targeting 53,900–54,200.
Disclaimer: The views and investment tips expressed by experts are their own and not those of this website. Always check with certified experts before making investment decisions.
