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Founder And CEO Of F... • 9m
Technical Analysis for Nifty and Bank Nifty: Key Support, Resistance, and Market Outlook Following a four-week decline, the Nifty index is approaching a critical support level near 24,000. Ajit Mishra, SVP of Research at Religare Broking Ltd, notes that if Nifty breaks below this support, it could further weaken market sentiment and potentially drive the index down toward its 200-day exponential moving average (DEMA) around 23,450. If the Nifty attempts a rebound, resistance is likely at the 100 DEMA around 24,500, followed by 24,850. While most sectors, excluding IT, are under pressure, oversold conditions might spark selective recoveries. Mishra recommends a "sell on rise" approach and advises caution, especially with midcap and small-cap stocks. For long-term investors, accumulating high-quality stocks gradually could be a prudent strategy amid prevailing market negativity. click here to know more
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