Technical View: Nifty could weaken significantly below 24,850, upside resistance lies at 25,000, say experts
Technical View: Nifty faces key support at 24,850; upside capped at 25,000, say analysts
Mumbai, Jun 12 (PTI)
Benchmark indices fell sharply on Thursday amid weak global cues and geopolitical concerns in the Middle East, with the Nifty closing below the key 25,000-mark and analysts flagging 24,850 as a crucial support level.
The 30-share BSE Sensex declined 823.16 points or 1 per cent to settle at 81,691.98. During the session, it dropped 991.98 points to a low of 81,523.16. The broader NSE Nifty fell 253.20 points or 1.01 per cent to end at 24,888.20.
Analysts said the index may weaken further if it slips decisively below 24,850, while the upside is likely to remain capped near 25,000.
“Nifty slipped sharply following a consolidation breakdown on the daily chart, indicating bearish pressure around the recent market top near 25,200,” said Rupak De, Senior Technical Analyst at LKP Securities.
He noted that the index found support near the 24,850 level and held above it, but a clear break below this point could weigh on sentiment. “On the higher side, 25,000 is likely to act as immediate resistance,” he added.
Bajaj Broking analysts observed that the index closed the weekly expiry session with a 1 per cent decline, forming a bear candle with a lower high and lower low — a sign of profit booking at higher levels near 25,200.
“Contrary to our expectations, the Nifty breached the immediate support of 25,000 and touched an intraday low of 24,825,” the brokerage said, adding that strong support is placed in the 24,600–24,700 zone. This area aligns with the 20-day exponential moving average and a rising trendline from previous swing lows.
As long as the Nifty sustains above this support band, analysts expect the broader uptrend to stay intact, with potential upside targets near 25,300 and 25,500 in the near term.
