Nifty Hovers Around 25,000: Will Resistance Zone Trigger Breakout Or Profit Booking?

Indian equity markets extended their winning streak for the sixth consecutive session on September 10, with the Nifty index testing the 25,000 intraday for the first time since August 22. However, it ended below this psychological mark. 

Will the Nifty index break past 25,000 decisively on Thursday? SEBI-registered analysts shared the trade setup and potential breakout stocks to watch on Stocktwits.

Trade Setup For Thursday

Analyst Mayank Singh Chandel said that the market momentum was improving, supported by bullish Relative Strength Index (RSI) crossovers and sustained buying interest. However, he cautioned that the index now faced a make-or-break scenario as it approached key resistance levels. 

Key Levels to Watch 

. Immediate Resistance: 25,000 

. Crucial Resistance Zone: 25,150–25,200 

. Upside Potential: A sustained close above 25,150–25,200 could negate the lower-high lower-low structure and trigger a sharp rally toward 25,500. 

. Immediate Support: 24,900–24,800 

. Critical Support: 24,750 

If Nifty failed to hold above 25,000, mild profit booking is likely, dragging the index toward 24,750, Chandel added. A decisive breakout above 25,150–25,200 could open the gates for 25,500 in the short term. But, if the index failed to sustain above 24,800, mild consolidation is possible before the next directional move, he concluded.

Fall Below 24,800 Could Invite Deeper Weakness

Bharat Sharma of Stockace Financial Services echoed a similar sentiment. He said that if the Nifty index sustained above 25,000, it could see a move towards 25,200, 25,400, and higher, but sounded caution if it dipped below 24,800 again. 

For intraday trade on Thursday, Sharma added that immediate resistance lies between 25,000 and 25,010. If the price manages to break through this range, it may attempt to climb toward 25,040, 25,080, and eventually 25,140 or higher. On the downside, immediate support is seen at 24,940, and a breach below this would trigger a fall to 24,880-24,800. He concluded that a move below 24,800 would indicate deep negativity in the market.

Breakout Stocks To Watch

Financial Sarthis has flagged four stocks that look poised for a breakout ahead. 

Amber Enterprises: A consolidation breakout is on the cards. If the stock breaks past ₹7,800, it could see a rally to ₹8,000-₹8,050.

Asian Paints: Formation of a double doji at 20-day simple moving average (SMA), and Anchored Volume Weighted Average Price (AVWAP) holding above 2556 indicates a potential move on the upside. 

Divi's Laboratories: The formation of a hammer candle at the support line indicates potential bullish reversal signals. The setup looks favorable if the price sustains above the day's high.

Bajaj Finance: A flat breakout is expected above ₹970, which could lead to a strong upside move.

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