Nifty Finds Critical Support At 25,000: Trade Setup For Oct 13
The NSE Nifty 50 is likely to maintain a positive bias, with the critical support being at the 25,000 levels, according to analysts. The index formed a sizable bull candle with a higher high and higher low, signalling continuation of the up move.
Market Analysis
In the coming week, it is likely to head higher towards 25,450 levels, being the confluence of the high of September 2025 and the trendline resistance joining the major highs of September 2024 and June 2025, according to Bajaj Broking Research.
A move above 25,450 will open further upside towards the June 2025 high of 25,670 in the coming week, the research firm said. Osho Krishan, senior analyst of technical and derivatives at Angel One Ltd., identified the immediate support at 25,000 levels, being the confluence of the 20-day and 50-day extended moving average and the 61.8% retracement of the last up move.
Bank Nifty Outlook
The Bank Nifty formed a sizable bull candle with a higher high and higher low, signalling resumption of up move after two sessions of breather, according to Bajaj Broking. Going ahead, index to maintain positive bias and head higher towards the all-time high of 57,300-57,600 in the coming week.
On the downside, support is placed at 55,500-55,000 levels, the firm stated. It saw the bias as remaining positive and said that dips should be used as a buying opportunity. The NSE Nifty 50 Index closed near 25,300; gaining for the second consecutive day.
Cipla Ltd. and State Bank of India gained the most in the index during trade. All sectors ended positive barring information technology and metals. The rupee closed close at 88.69, rising 10 paise against US dollar on Friday. It closed flat at 88.79 against the US dollar.
Investment Strategy
Investors can use dips as a buying opportunity, according to analysts. The ongoing momentum is likely to trigger fresh momentum and is expected to pave the way to reclaiming the calendar year high of 25,669 in the near period.
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