Our Services Are

On Friday, NIFTY opened on a positive note and moved above the 24,300 mark in early trade. Thereafter, the index traded sideways in a narrow range of 24,300–24,375 for most of the session. In the afternoon, it broke below this range and witnessed some profit booking, eventually closing at 24,270.

NIFTY encountered selling pressure near its 200-DEMA, placed around 24,425. However, there are no signs of a trend reversal on the charts, and the broader market structure continues to remain positive. We therefore maintain our bullish outlook. A decisive breakout and sustained move above the 200-DEMA could pave the way for the next upside target of 24,600.

On the downside, the 24,100–24,000 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 24,000.