Sneha Seth, Derivatives Research Analyst, Angel One, says Nifty is expected to face immediate resistance around 25,100-25,150, with a potential upward movement towards 25,300-25,400 if this level is breached. Support is anticipated in the 24,800-24,900 range, defining the trading range. The auto sector has shown a strong comeback, and banking is also expected to perform well, while IT and metal sectors are also taking the lead.
How are you viewing the current market trend? Both the major benchmark indices are up about half a percent. So, what are the levels to track for these two?
Sneha Seth: For now, I believe 25,100-25,150 would be an immediate resistance for Nifty. Once we see an up move above this, and which is very much possible looking at the comeback of what we have seen recently, especially on the Friday session, I believe we are heading towards 25,300, 25,400 for now.
On the lower side, 24,800-24,900 should be acting as a support. So, this is the trading range for Nifty. In the case of the banking index, for now, the support has been shifted higher to 55,000 and on the higher side, 56,000-56,200 is the resistance zone. This is the thousand points range for the banking index. So, overall, the bias remains positive. The best strategy is to buy on dips.
How are you viewing the current market trend? Both the major benchmark indices are up about half a percent. So, what are the levels to track for these two?
Sneha Seth: For now, I believe 25,100-25,150 would be an immediate resistance for Nifty. Once we see an up move above this, and which is very much possible looking at the comeback of what we have seen recently, especially on the Friday session, I believe we are heading towards 25,300, 25,400 for now.
On the lower side, 24,800-24,900 should be acting as a support. So, this is the trading range for Nifty. In the case of the banking index, for now, the support has been shifted higher to 55,000 and on the higher side, 56,000-56,200 is the resistance zone. This is the thousand points range for the banking index. So, overall, the bias remains positive. The best strategy is to buy on dips.
Which sectors will participate the most in the rally upwards?
Sneha Seth: In today’s session, auto has given a strong comeback. Auto looks good. Apart from this, banking should also perform well. But yes, IT and metal are also taking the lead now. I believe these are the spaces you should be looking for.