wealthforumtv

Until the Nifty 50 decisively closes above 24,500, further upward movement is challenging. Above this level, the immediate resistance zone to watch is 24,600-24,700, followed by 24,800-24,900. However, support remains in the 24,100-24,000 range, according to experts.

To continue Monday's upward movement in the upcoming sessions, the Nifty 50 needs to sustain above 24,500, which somewhat coincides with the 100-day EMA (Exponential Moving Average). On the downside, 24,000 is expected to be crucial support; below this level, selling pressure may widen, experts said.

Experts foresee the Nifty 50 extending its southward journey to reach the August low of 23,894, followed by the 200-day EMA at 23,455 in the upcoming sessions.

The overall trend remains in favour of the bears; hence, experts advised continuing with a 'sell on rally' strategy. On the upside, 24,500-24,600 may serve as resistance for the index, while a break below 24,300 could drag it down sharply.

As long as the NIfty 50 trades below 24,550 and 24,700 levels, consolidation may continue, with immediate support at the 24,400-24,350 zone. If the index breaks this support area, levels of 24,200-24,000 can't be ruled out in the upcoming sessions, experts said.

The immediate support lies at 24,400; below this level, the Nifty 50 may correct to the 24,000-23,900 zone. However, on the higher side, immediate resistance is seen at 24,700, according to experts.

The Nifty 50 still traded below the 20- and 50-day EMAs, which is a negative sign. Sustaining above these EMAs could bring the bulls back into play, but until then, weakness and rangebound trading may continue.

Despite ongoing global uncertainties, including the threat of a global recession, geopolitical tensions, and the upcoming US elections, the market appears to have stabilized, says Sonam Srivastava.

If the Nifty 50 decisively closes below these support levels, further sharp selling pressure cannot be ruled out, while immediate resistance is placed at 25,000, followed by 25,200, according to experts.

If the Nifty 50 decisively breaks 24,700 (the previous week’s low), the next support lies at 24,550 (20-week EMA). However, in the case of a rebound, the immediate resistance zone to watch is 24,800-25,000, experts said.

The Nifty 50 has been trading within a range of 24,900 to 25,200 for the last six days, and it needs to decisively breach either side of this range for a clearer direction.

The Nifty 50 may continue to face hurdles in the 25,200-25,250 zone on the higher side; above this level, a strong rally can't be ruled out. Until then, consolidation is expected to continue, with immediate support at 25,000, followed by 24,900, according to experts.

As long as the Nifty 50 sustains above 25,050, the index' upward rally towards 25,200-25,300 can't be ruled out, followed by 25,500-25,600 zone, while the crucial support lies at 24,800, according to experts.

If the NIfty 50 manages to climb decisively above the 50-day EMA, an upmove towards 25,200-25,300 cannot be ruled out, with 24,900 as support. If it breaks this support, selling pressure may extend to last week's low of 24,700, according to experts.

Experts expect the consolidation to sustain in the upcoming sessions, with a key hurdle for Nifty 50 at 25,300 on the higher side; above this, 25,500 is the level to watch. On the lower side, 24,900 is the immediate support, followed by 24,700.