Yesterday, NIFTY opened with an upside gap and surged above the 25,100 mark in early trade. However, it remained range-bound throughout the session, oscillating between 25,100 and 25,150, before settling just above the 25,000 level.
NIFTY has confirmed a breakout from a triangular consolidation pattern and is currently trading above all key moving averages, reinforcing the bullish sentiment. With this breakout, NIFTY is now poised to test 25,250, and the measured target of the triangle formation projects a move towards 25,600.
On the downside, the 25,000 – 24,900 zone will act as a crucial support area. Long positions may be maintained with a strict stop-loss below 24,900 to protect against any potential reversal.
Open | 25160 |
High | 25160 |
Low | 25077 |
Close | 25103 |
S 1 | 25066 |
S 2 | 25030 |
R 1 | 25149 |
R 2 | 25196 |
Action | SL | TGT |
---|---|---|
Buy above 24165 | 24100 | 24300 |
Sell below 25000 | 25176 | 24850 |