After much trying since 12th May, the Index today finally closed above the Range of Rs. 25,070 to 24,535. Nifty 50 closed at 25,103 levels, though above the range, but at day’s low. However, some profit booking is expected when the Index crosses such important levels.
Immediate resistance levels for the Index post the range breakout are 25,325, post which the next resistance level is 25,875, followed by the all-time high levels of 26,200 levels. Post the 25,325 levels, we could further see a consolidation in the Index before it crosses the all-time High level.
Immediate support levels for the Index are the Upper price band of the range, which is 25,070, followed by the middle price level of the range, 24,800, and then followed by the lower level of the range at 24,535 levels. If the lower level of the range is also broken, then Nifty could fall to the levels of the 200 DMA, which is close to 24,000 levels.
The Nifty 50 Index is a list of the top 50 big and popular companies in India that are traded on the National Stock Exchange (NSE). It shows how the stock market is performing overall. These companies are from different sectors like banking, IT, energy, and more. If the Nifty 50 goes up, it means most of these top companies are doing well, and if it goes down, they’re not doing so well. It helps investors understand the market and is also used to create mutual funds and do trading.
Written By Abhishek Das
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