NSE Nifty 50 is consolidating between support at 23,500 and resistance at 23,860. Analysts stress that a break above 23,860 could target 24,000-24,100, while a fall below 23,500 could signal further downside.
“Technically, Nifty managed to cross the 200-day simple moving average (200-DSMA) on the daily chart, but failed to sustain above it and formed a doji candlestick. Weekly On the chart, the index has formed an inside bar candlestick pattern. , indicating strong demand around the 23,500-23,540 zone, and the 200-DSMA is positioned around 23,860, which is the immediate hurdle for Nifty A. A sustainable move above this level could push the index towards 24,000-24,100,” said Hrishikesh Yedve, Head, AVP Technical and Derivatives Research, Asit C. Mehta Investment Intermediates Ltd.
“On the downside, 23,500 remains a key support. In the short term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side determining the next move. Deaf,” Yedve said.
“With no major catalysts in the short term, the market is likely to remain range bound. The pre-quarter earnings update, due in the first week of January 2025, will provide insight into the upcoming earnings season. , and the market will follow it closely,” said Siddhartha Khemka, head of wealth management research at Motilal Oswal Financial Services.
“After fluctuating within the established range of 23,650-23,850, the index formed a series of tied candlesticks on the daily chart, while the weekly chart shows a top or inside bar candlestick pattern. A decisive move in either direction is needed to establish a clear trend,” said Aditya Gaggar, Director, Progressive Shares.
Nifty Bank closed marginally higher at 51,311. Yedve pointed out that on the daily chart, the index forms small green candlesticks, and on the weekly chart, it shows an inner bar candlestick pattern. The 200-day simple moving average (200-DSMA) is currently near 50,580 and acts as strong support. Meanwhile, the 100-day exponential moving average (100-DEMA) acts as resistance at 51,630.
“In the short term, Bank Nifty is expected to trade within the 50,550-51,650 range and a breakout in either direction will determine its future trajectory,” he said.
