Trade Setup For Oct. 11: Nifty 50 To See Support At 24,900 Amid Indecisiveness Between Bulls And Bears
If the Nifty 50 index manages to stay above the key level of 24,900, there is potential for a rise to 25,150. However, closing below this threshold may initiate a fresh breakdown.
On Thursday, the Indian markets exhibited sideways movements, ultimately closing flat but with a slight positive inclination. In the current context, analysts predict that 24,900 will serve as a support level for the Nifty 50, with resistance positioned at 25,200.
On the daily chart, the market painted a small candle, indicative of non-directional activity on the intraday charts. This formation reflects the current indecisiveness between bullish and bearish sentiments. If the Nifty 50 index maintains its position above 24,900, it could potentially ascend to 25,150. Conversely, closing below this level could result in a breakdown.
Nevertheless, the market trend remains unclear owing to shifting market outlooks, contributing to a challenging trading environment. Moving forward, it is anticipated that volatility will escalate, presenting opportunities particularly within the broader market as the quarterly season commences.
Given the current volatile nature of the markets, traders might benefit from adopting a stock-centric approach during their trading activities.
The Bank Nifty displayed buoyancy despite existing volatility, securing a positive closure on Thursday. The index signifies strength on the charts following the formation of a significant green candle.
The Nifty Bank index currently faces resistance around the 51,700-51,800 levels. Should the index sustain above 51,800, it has the potential to test the 52,500-52,800 range.
