The Nifty 50 is staying strong, but the real test lies just ahead. Analysts say the index needs to break above 24,350 to keep the rally going. Until that happens, expect some back-and-forth action.
🚀 What’s Driving the Market?
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities:
“The short-term trend is positive, but a new rally will only kick in once we clear the 24,350 resistance. After that, we could head towards 24,450–24,500.”
🔻 Heads up: If the market falls below 24,200, it could drop quickly to 24,100, and possibly even 24,000.
📈 Bajaj Broking’s View: Targeting 24,850?
Bajaj Broking is feeling bullish too. They expect:
✅ Nifty to move towards 24,550 – the 61.8% Fibonacci retracement of the fall from 26,277 to 21,743
✅ If momentum holds, we might even see a retest of December 2024’s high at 24,850 in the coming weeks
⚠️ But there’s a catch:
“If the index dips below 24,120 (Wednesday’s low), it might take a break and consolidate between 24,350 and 23,800.”
🔒 Key Support Levels
- Major support: 23,800
- Bank Nifty support: 54,000–53,500, around a previous breakout zone
💡 MoneyVibe Tips for Traders:
📍 Watch 24,350 closely – it’s the breakout trigger
📉 24,200 is your caution zone – below this, quick corrections may follow
🔁 Use dips as opportunities (if support holds at 23,800)
🧘♂️ Avoid panic trades during consolidation periods – stay calm and follow the levels!
📉 Market Recap – April 24
Even after a 7-day winning streak, the bulls kept control:
- Nifty 50 closed up 0.34% at 24,246.7
- Sensex rose 0.39% to end at 79,801.43
Not bad for a breather day! 😎
💱 Currency Check
The Indian rupee gained a little strength 💪
- Closed at 85.27 vs the dollar, up 15 paise from Wednesday’s 85.42
(Source: Bloomberg)
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