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ANIRUDH YADAV

 • 

Swastika Investmart Limited • 11m

Are Nifty, Bank Nifty ready to break higher after 4 days of consolidation? The Nifty 50 and Bank Nifty continued to consolidate in a tight range for the past four consecutive sessions as of December 11, with traders seeming to await a trigger to break this consolidation range. Given that most technical indicators remain positive, experts believe that a breakout on the higher side cannot be ruled out in the upcoming sessions. For the Nifty 50, 24,700 is the level to watch for an upward journey, while a decisive fall below 24,500 could bring selling pressure. The Bank Nifty needs to defend the 53,300–53,200 support zone for a northward rally towards 54,000. However, if it falls below this support, the index may break below 53,000, experts say. On Wednesday, December 11, the Nifty 50 closed at 24,642, up 32 points, but the Bank Nifty was under pressure, falling 186 points to 53,391. The market breadth was positive, with a total of 1,344 shares advancing and 1,160 declining on the NSE.

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