Nifty Trade Setup: SEBI Analysts See Support At 24,700, Resistance Near 25,000

The Nifty 50 started the week on a positive note but erased most of its gains in the last hour of trade on Monday due to profit booking at higher levels. The index closed the session with moderate gains, signaling caution among market participants. 

SEBI-registered analysts shared the trade setup for Tuesday.

Trade Setup For Tuesday

Mayank Singh Chandel noted that the Nifty index faced selling pressure around higher levels but managed to sustain above short-term moving averages. It formed a small bearish candle with a long upper shadow on the daily chart, highlighting resistance at higher levels. 

He highlighted that Nifty continues to trade above the 10-day and 20-day Exponential Moving Averages (EMAs), which indicates near-term support is intact. However, the 24,900–25,000 zone remains a significant hurdle, and a breakout above this range is crucial for a fresh rally. 

Chandel identified immediate support at 24,700, followed by 24,620 – 24,520. Immediate resistance is seen at 24,800, followed by 24,900 – 25,000. He said that a decisive move above 25,000 could trigger a sharp upside rally toward 25,300, while a breakdown below 24,620 may drag Nifty back to 24,400 levels. 

Derivative data suggest a short-term trading range between 24,500 and 25,000, unless a breakout or breakdown occurs. 

For Tuesday's trade, Chandel expects sideways-to-positive momentum if Nifty sustains above 24,700. A breakout above 24,800 can push the index towards 24,900–25,000 quickly. And on the downside, a breach of 24,620 could open the gates for 24,400 and increase volatility.

Analyst Dipak Takodara highlighted that the Nifty index sits above the 10 & 20-day moving average (DMA) but below the 50-DMA. The Relative Strength Index (RSI) is just over 50 with light volume. If the index moves above 24,750, it can probe 25,000 again, but a break below 24,650 could lead it to 24,500. 

And Prabhat Mittal identified Nifty support at 24,700, with resistance at 25,000. For the Bank Nifty, he sees support at 53,800, with resistance at 54,600.

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