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The NSE Nifty 50 may find support at 24,700 levels, while it may see strong resistance at 25,000–25,100, according to analysts.
The index formed a bearish candle on daily charts on a technical level, indicating weakness, according to Hrishikesh Yedve, technical and derivatives research analyst at Asit C. Mehta Investment Interrmediates Ltd. “However, the index is still placed above its 21-day exponential moving average, which is positioned near 24,556.”
As long as the index holds above the aforementioned level, there is a likelihood of a pullback move that cannot be dismissed. The Nifty may see strong resistance at 25,000–25,100, according to Yedve.
Mandar Bhojane, equity research analyst at Choice Broking, found the support for the Nifty to be at 24,700, and immediate resistance at the 25,000-25,150 zone. “A sustained close above 25,200 could trigger fresh buying interest, potentially pushing the index towards 25,600 and 25,800.”
He said range-bound action is likely to continue until a decisive move occurs. He also advised traders to remain cautious and watch for a confirmed breakout.
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