Market Desk: The Nifty’s failure to hold the 24,500 mark has turned that zone into the immediate technical hurdle for traders. The index opened almost flat in the previous session, slipped below the level during the first hour and remained under it, ending with a bearish daily candle and below the lows of the preceding four sessions.
Nifty levels in focus
According to the cited technical view, the index must cross and sustain above 24,500 to reopen room toward 24,650 and then 24,750. On the downside, the first support is seen near 24,350, followed by 24,250. Options positioning also places 24,500 at the centre of the near-term contest between buyers and sellers.
Maximum call open interest was reported at the 24,500 strike followed by 24,700, while maximum put open interest was concentrated at 24,500 and 24,400. The data indicate an immediate trading range of roughly 24,300-24,600 and a broader band of 24,200-24,800. A decisive move outside those ranges would be more informative than small intraday swings within them.
Bank Nifty setup
Bank Nifty recovered from the 57,150 area toward 57,500 but could not retain the higher level. It remains below its 20-day exponential moving average, keeping the short-term tone cautious. As long as the index stays below 57,500, the technical view sees possible weakness toward 57,000 and 56,750. Resistance is placed near 57,750 and 58,000.
Three stocks on the analyst radar
- Divi’s Laboratories: Buy view at ₹8,578, with a stop-loss at ₹8,350 and a target of ₹9,000. The cited setup points to a broader uptrend, higher highs and higher lows, and a pole-and-pennant breakout supported by a positive MACD.
- MCX: Buy view at ₹2,895, stop-loss ₹2,800 and target ₹3,100. The argument rests on a falling supply-line breakout, improved volumes and a move back above the 20-day exponential average.
- Eternal: Buy view at ₹318, stop-loss ₹308 and target ₹335. The stock is approaching a breakout above ₹320, while dips around the 10-day average have attracted buying and RSI has shown a bullish crossover.
Risk remains central
Technical levels are reference points, not guarantees. Gaps, results, global cues and changes in derivatives positioning can invalidate a setup quickly. Traders should size positions conservatively, respect stop-losses and avoid treating an analyst target as assured return.
Source: Business Standard. The cited recommendations are the analyst’s views, not investment advice from Prime Today News.
