Trading Plan: Can Nifty 50 bounce back above 25,000, Bank Nifty reclaim 59,000 despite consolidation?
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- ✓On November 8, the Nifty 50 fell 44 points to close at 24,986, while the Bank Nifty fell 235 points to 58,851.
- ✓Despite this consolidation, experts said the market sentiment remains positive.
- ✓Many shares advanced on the NSE, showing that the broader market structure is strong as investors watch key levels.
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- Category
- Indian Markets
- Reported By
- Moneycontrol
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
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Considering the strong broader market structure, bullish momentum and crude oil prices trading below $100 a barrel, overall market sentiment is likely to remain positive, despite the possibility of consolidation, which is generally considered healthy for the market. The Nifty 50 is expected to face resistance in the 25,100–25,200 range in the coming sessions. A move towards 25,500 cannot be ruled out if the index decisively breaks above this zone. On the downside, 24,800 is likely to act as an immediate and crucial support. As long as the index holds above this level, consolidation followed by a further upmove remains possible. Meanwhile, the 59,000 level is crucial for the Bank Nifty to move towards 59,500–60,500. A failure to sustain above this level could lead to consolidation, with immediate support at 58,700, followed by the 58,300–58,000 zone, experts said.
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