Nifty 50 Faces Crucial Technical Levels Following Two-Week Rally
The Nifty 50 index maintains a positive outlook heading into the third week of November, though analysts advise caution after a strong two-week momentum run.
🏛️EconomyPhoto: tradingview.com
Key points
- Nifty 50 shows positive momentum following two weeks of gains
- Bullish scenario targets 25,613-25,700 if 25,236 is surpassed
- Bearish scenario risks a drop to 24,550 if support fails
The Nifty 50 index enters the upcoming week carrying positive momentum, though technical projections suggest the recent rally could encounter a temporary pause after two consecutive weeks of gains. Market participants are closely monitoring key support and resistance boundaries that will likely dictate the next directional move for the index.
According to recent technical analysis, a bullish continuation depends on the index breaking and holding above the 25,236 threshold. Achieving this milestone could pave the way for an advance toward the next targeted resistance zone between 25,613 and 25,700.
Conversely, downside risks remain if selling pressure intensifies. A breach below the established support band between 25,048 and 24,945 risks triggering a deeper retracement down toward the 24,550 level.
What to watch next: Monitor the index's reaction around the 25,236 resistance and 25,048 support levels to gauge short-term market direction.
Source tradingview.com — tradingview.com/chart/NIFTY/ttTEHL80-Nifty-November-3rd-Week-Analys… ↗
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