Nifty Fails to Cross 25,000 for 6th Time in 9 Days — All You Need to Know

Indian benchmark indices ended their two-day winning run today, weighed down by profit booking in banking, IT, and auto stocks. Sensex fell by 624.82 points, or 0.76% to settle at 81,551.63, while Nifty tumbled 174.95 points, or 0.70% to close at 24,826.20.

In six out of nine sessions, Nifty failed to remain above the psychological mark of 25,000 due to intense selling pressure.

“Support for Nifty is seen near 24,700, while immediate resistance remains at 25,000–25,150. A close above 25,200 could trigger fresh buying interest, possibly taking the index towards 25,600 and 25,800 levels,” said Mandar Bhojane, Equity Research Analyst at Choice Broking. “In the absence of a decisive breakout, the market is likely to remain range-bound, and traders should stay cautious,” he added.

Analysts at Bajaj Broking noted that Nifty formed a bearish candle today, factoring in profit-booking after an attempt to breach the 25,000-mark.The index couldn’t trade between 24,400 to 25,200 in over 11 sessions.

“Dips towards 24,700-24,650 could offer a buying opportunity. The broader support zone is placed at 24,400–24,500, which coincides with the 20-day EMA and the recent breakout levels,” Bajaj Broking said in a note.

Notably, Bank Nifty index also traded in red as it formed a second consecutive high wave candle, indicating ongoing consolidation with a mild corrective tone. In four weeks, the index remained within 55,800–56,000, but couldn’t move above the upper limit

“Unless Bank Nifty decisively moves past 56,000, it is likely to continue consolidating in the 56,000–53,500 range,” Bajaj Broking noted.