Nifty50 reclaims 24000:Five market experts predict the index

The Nifty 50 index has surged past the crucial 24,000 mark, driven by short covering and lower crude oil prices. Market experts share their insights on resistance levels, potential pullbacks, and what investors can expect in the near term.

Stock market benchmark Nifty 50 reclaimed the psychologically important 24,000 mark on 24 June, largely due to short covering in select heavyweights, a further decline in crude oil prices, and declining intensity of FPI selling.

The equity barometer ended at 24,021.65, up 198 points, or 0.83%.

Experts expect the market to remain in positive territory but warn of key hurdles ahead.

We gathered the views of five experts on how they see the index’s short-term outlook. Let’s take a look:

Shrikant Chouhan, Head Equity Research, Kotak Securities

Chouhan believes that as long as the index is above 23900, the pullback formation may continue. On the higher side, the rally could extend to 24,150–24,200, while below 23,900, sentiment could change and the index could retest 23,800–23,750.

Ajit Mishra, SVP- Research at Religare Broking

Mishra pointed out that the Nifty needs to decisively surpass the 24,150–24,200 zone before resuming its gradual move towards the 24,500–24,600 range. On the downside, support remains intact in the 23,750–23,650 zone.

“Given the current setup, consolidation in the index appears more likely in the near term. We continue to advocate a stock-specific approach, favouring relative outperformers and selective buying in rate-sensitive sectors such as banking, financials, realty, along with pharma,” said Mishra.

Rupak De, Senior Technical Analyst at LKP Securities

De highlighted that the index found support at the 20 EMA over the last two trading sessions before moving higher. The hourly RSI remains in a positive crossover, indicating that the underlying strength is intact. The index has reclaimed both the 20- and 50-EMAs on the hourly timeframe, further improving the short-term outlook.

“On the daily timeframe, the Nifty has formed a Piercing Line candlestick pattern near the 20EMA support zone, signalling the possibility of a strong rally in the short term. On the higher end, resistance is seen at 24,500 and 24,800. On the lower end, 23,800 is likely to continue acting as a crucial support level,” said De.

Sudeep Shah, the head of technical and derivatives research at SBI Securities

According to Shah, the immediate resistance for Nifty is placed in the 24,140-24,170 zone, which coincides with the 100-day EMA.

“Any sustainable move above this zone could result in Nifty extending its pullback towards 24,300, followed by 24,450 in the short term. On the downside, the immediate support for Nifty is placed in the 23,900-23,870 zone,” said Shah.

Aakash Shah, a technical analyst at Choice Broking

Shah said immediate support is placed in the 23,850–23,800 zone, while resistance is observed in the 24,200–24,250 range. A sustained move above the resistance zone could trigger a relief rally towards higher levels.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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