For April 24, 2025, the
Nifty 50 outlook is cautiously optimistic with expectations of continued upward
momentum but with potential for short-term consolidation or profit booking
after a strong rally:
Current Context:
As of April 23 close, Nifty settled at around 24,329, up 0.67%,
marking the seventh consecutive session of gains and trading well above its
50-day average (~23,000) and near its 200-day average (~24,055), indicating a
strong bullish trend.
Key Technical Levels:
Resistance: 24,450 to
24,550 zone is the immediate hurdle where profit booking may intensify.
Support: Near-term support
lies at around 24,400, with stronger support between 23,900 and 23,800.
A sustained close above 24,550 could open the path
toward 25,000 in the medium term.
Market Sentiment:
The rally is broad-based, led by IT, banking, and
auto sectors, supported by positive earnings and foreign institutional inflows.
Elevated RSI levels and a series of gains suggest
some traders may book profits, leading to possible intraday volatility or
consolidation.
Options Market Insight:
Open interest data shows significant call option
activity near 24,450, reinforcing this as a resistance zone.
Put option interest near 24,000 provides a cushion
of support.
Trading Strategy:
Use dips near 24,000–24,400 as buying opportunities
to accumulate quality large-cap stocks.
Maintain long positions with a stop-loss near 23,900
to manage downside risk.
Consider booking partial profits near 24,500 to lock
in gains amid potential short-term consolidation.
Risks:
Global macroeconomic uncertainties and geopolitical
developments could introduce volatility.
Overbought technical indicators may trigger
short-term corrections.
Summary: Nifty is likely to
trade in a range roughly between 23,900 and 24,550 on
April 24, 2025, with an overall bullish bias. Investors should remain
cautiously optimistic, leveraging support levels for fresh entries while
managing risk near resistance zones.
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