Niftys Uptrend Expected to Continue Above 25,000, Say Analysts
Analysts predict the Nifty index will maintain its upward trend as long as it stays above the 25,000 mark, despite recent fluctuations.
Mumbai, November 15 (Daily Kiran) : The Nifty index has managed to hold above the crucial support level of 25,000, despite a dip following three consecutive days of gains. Analysts indicate that as long as the index remains above this threshold, the bullish trend on the National Stock Exchange (NSE) will continue.
Market analysts note that the Nifty has maintained a positive weekly structure following a breakout above its previous swing high and a declining trendline resistance. Currently, the index is trading well above its 50-week exponential moving average of 24,037 and its 200-week exponential moving average around 22,451, signaling sustained strength in the long-term trend.
Despite a recent ‘doji’ candlestick indicating some uncertainty at higher levels, analysts emphasize the importance of staying above the breakout zone to maintain the bullish trend. They point out that significant resistance levels are located at 25,350 and 25,800. A strong breakout above these levels could pave the way for further gains.
On the downside, support is seen in the 24,800 to 25,000 range, which is crucial for sustaining the current bullish structure. Analysts suggest that remaining above this support zone could attract new buying activity, while a drop below may lead to further market consolidation. Traders are encouraged to maintain a positive outlook but remain vigilant for profit booking at elevated levels.
For the Sensex, immediate support is identified in the range of 81,300 to 81,000, with the next support zone between 80,700 and 80,500. Analysts stress that for the positive trend to persist, the index must stay above these levels.
Experts observed that the Sensex closed lower on Friday, reducing some of the recent gains. Immediate resistance is noted around 81,900 to 82,200, followed by the 82,500 mark. If the Sensex can hold above these levels, further upward movement may be possible.
In summary, maintaining positions above the immediate support range is vital for both indices to continue their positive trajectories.
