The Nifty 50 index is trading with modest gains, up by 77 points or 0.31 percent, while the Bank Nifty remains volatile, currently up by 228 points or 0.44 percent. Check out the key support and resistance levels for both indices to navigate the current market trend effectively.

NIFTY 50

The Nifty 50 index has been consolidating in a range since mid-May, with upside resistance at 25,000 and support at 24,525. A breakout above 25,000 could push the index toward the next resistance at 25,235, followed by the all-time high level of 26,200. On the downside, the key major support zone lies at 23,975, which could act as a strong base if the index slips below its current range.

NIFTY BANK

Bank Nifty continues to trade within a volatile range, facing strong resistance near its all-time high. On the downside, the index has a key support zone between 54,290 and 54,680. Additionally, minor support is observed around the 55,440 level, which could act as a temporary cushion during intraday pullbacks.

In technical analysis, the term range refers to the area between the highest and lowest prices that a stock or other asset trades within over a specific period of time. When a stock is in a range, it means the price is moving sideways, staying between a support level (the bottom) and a resistance level (the top), without breaking out in either direction.

Written By Abhishek Das

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