Nifty Sustains Uptrend with Key Supports Intact

Nifty extended its winning streak for the sixth straight session, closing at 24,973.10, up 0.42%. The index crossed the crucial 25,000 psychological barrier, hitting an intraday high of 25,035.70, before slipping back below that level. Despite the pullback, the broader structure remains positive, with Nifty inching higher and sustaining its uptrend.

Technical View: Nifty

• Daily chart: Nifty has reclaimed and now holds above the 50-SMA for the first time in a while, with the 20-SMA providing additional support.
  
  
• Momentum: The RSI at 57 indicates a positive skew, suggesting momentum is gradually strengthening.
  
  
• Hourly chart: Higher highs and higher lows dominate, reinforcing sustained upward momentum. Nifty is also holding above a declining trendline from the previous swing, near 24,950, adding stability.
  
  

Key Levels to Watch

• Resistance: 25,150, followed by 25,220
  
  
• Support: 24,800, which has held firm on multiple occasions
  
  

As long as 24,800 support remains intact, a buy-on-dip strategy remains favorable for traders.

Nifty Bank: Consolidation Near Support

Nifty Bank closed at 54,536, up 0.59%, after moving between 54,705.20 (high) and 54,400 (low). The index is consolidating near the middle Bollinger Band (54,684), while the 9-SMA at 54,300 acts as a short-term cushion. Importantly, the widening Bollinger Bands suggest the potential for movement within a broader trading envelope.

• Momentum indicators:
  
  

  • RSI at 45, recovering from oversold territory but still below the neutral 50 mark.
    
    
  • ADX at 29, signaling firm trend strength and the potential for momentum to accelerate on further upside.
    
    

Key Levels to Watch

• Support: 54,300–54,050
  
  
• Resistance: 54,800, followed by 55,000
  
  

The broader trend for Nifty Bank remains cautious, but signs of base formation are visible. Holding above 54,300 keeps the near-term view neutral-to-slightly positive.