Nifty’s rally hinges on a break above the key 24,350–24,400 resistance zone
Nifty is currently oscillating within a wide trading range, necessitating a breakout to gain notable momentum. Analysts are providing tailored strategies for traders facing this market scenario. Recommended tactics include purchasing Nifty futures with protective hedges and implementing a buy-on-dips strategy for Bank Nifty. A selection of high-potential stocks is presented, focusing on distinct…
The Nifty index has been trading within a range of 23,800 to 24,700 in recent weeks. Analysts believe that the index needs to break above the 24,350 to 24,400 resistance zone to demonstrate genuine strength. Some traders suggest purchasing Nifty spot index futures and placing a stop loss at 24,000, while targeting 24,600 to 24,750 with a further target of 25,000.
Others advise buying Nifty Put options as a hedge against potential sharp downward movements. For the Nifty Bank, traders are encouraged to take a bullish approach with Buy-on-Dips, provided the index holds above 57,000 spot. Fresh long positions can be initiated during dips towards the lower range, while a breakout above 58,200 may indicate a continued upward momentum.
Traders should set a stop-loss at 57,000 on a spot closing basis and hold for the next leg of the upmove after a breakout.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
