By – Vaishali Parekh, Vice President – Technical Research at PL Capital Group,
According to Parekh, the Nifty index, after opening with a gap-down, managed to recover during the latter half of the trading session, closing near the 24,600 mark. “Despite intraday weakness, the index has managed to stay above the critical 24,500 level, keeping the overall tone marginally positive,” she noted. A sustained move above this level is essential, while a decisive breach above 25,000 would be required to confirm a renewed upward trend. On the downside, major lies at the 200-period moving average near 24,000.
The Sensex, meanwhile, showed similar volatility but closed above its 20-day moving average at 80,890. Parekh warned that the index remains vulnerable. “A fall below 80,500 could lead to further downside pressure. For a sustainable recovery, Sensex must break above the 82,500 zone with conviction,” she said.
Commenting on the Bank Nifty, Parekh observed that the index remains stuck in a narrow range around the 55,000 level, with key resistance at 55,700 and at 54,400. “A breakout from this consolidation is necessary to establish a directional bias. Until then, a cautiously positive stance is advisable,” she explained.
She also pointed out that the Bankex index is hovering below its 20-DMA of 62,480, with immediate seen at 61,800. A move above 63,200 is essential for further upside momentum.
In conclusion, Parekh emphasized the importance of watching these critical levels closely. “The markets are at a tipping point, and any decisive move beyond the current ranges will set the tone for the next phase,” she added.
