Mumbai, Nov 15 (SocialNews.XYZ) Despite snapping a three-session winning streak on Friday, the Nifty's ability to hold above the key 25,000 level and major long-term moving averages signals that the broader market structure remains positive, with analysts advising investors to buy on dips as long as critical support zones remain intact.
However, technical analysts said the recent correction has not altered the broader bullish setup.
According to market experts, the Nifty continues to maintain a positive weekly structure following its breakout above a previous swing high and a falling trendline resistance.
The index remains comfortably above its 50-week exponential moving average near 24,037 and its 200-week exponential moving average around 22,451, indicating sustained strength in the longer-term trend.
Analysts noted that while the latest Doji-like candlestick formation suggests some indecision and hesitation at higher levels, holding above the breakout zone will be crucial to preserving bullish momentum.
"On the upside, immediate resistance is placed at 25,350 and 25,800. A sustained breakout above this zone could open the door for further upside towards higher levels. On the downside, immediate support is seen in the 24,800–25,000 zone, which will remain crucial for sustaining the current bullish structure," analysts stated.
"A sustained hold above this support region could attract fresh buying interest, while a decisive breakdown may lead to further consolidation. Traders may maintain a positive bias while remaining watchful of intermittent profit booking at higher levels," according to the market experts.
For the Sensex, analysts identified the 81,300-81,000 range as immediate support, with the next support zone placed between 80,700 and 80,500.
They said the index will need to hold above these levels to sustain the current positive trend.
"Sensex closed lower on Friday, giving back a portion of its recent sharp gains. The immediate resistance is placed around 81,900–82,200, followed by 82,500. A sustained move above these levels could open the way for further upside," market experts noted.
"On the downside, 81,300–81,000 forms the immediate support zone, followed by 80,700–80,500. Holding above the immediate support range will be important to preserve the prevailing positive momentum," analysts noted.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
