Nifty 50 ends near 24,950, bulls regain momentum
The NSE Nifty 50 bounced back on Monday, ending a two-day losing streak with a strong gain of 227.9 points (0.92%) to close at 24,946.5. The rally was supported by gains across heavyweight stocks and positive global cues, as investors kept an eye on geopolitical developments and awaited key domestic triggers.
Intraday, the Nifty touched a high of 24,967.10, while the BSE Sensex surged 677.55 points (0.84%) to settle at 81,796.15, after hitting a high of 81,865.82.
Analysts expect the Nifty to trade in a broad consolidation zone between 24,400 and 25,200. According to Rajesh Bhosale, Technical Analyst at Angel One, the 24,400–24,450 range, which aligns with the 50-day exponential moving average (EMA), is a critical support level. Reclaiming 24,825 and crossing 25,000 will be vital for bullish continuation, he said, advising traders to accumulate near support and book profits near resistance.
Choice Broking echoed a similar view, noting the formation of a strong bullish candle on the daily chart. The index has rebounded from the 50-day EMA and moved above the 20-day EMA, signaling renewed strength.
The brokerage highlighted that immediate support lies at 24,900, followed by the 24,700–24,500 range. A breakdown below this could trigger fresh selling pressure. On the upside, a breakout above 25,000 and 25,200 is required to resume the broader uptrend, it cautioned.
Bajaj Broking added that Monday's session saw a bullish candle with a higher high and low, suggesting demand at lower levels. They forecast continued consolidation between 24,400 and 25,200, with key support at 24,400–24,500 and immediate resistance at 25,000.
Meanwhile, the Indian rupee strengthened by 3 paise to close at 86.06 against the US dollar, aided by a narrowing trade deficit of $21.88 billion in May, compared to $26.42 billion in April.
Disclaimer: Investors are advised to consult their financial advisor before making any investment decision.
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