The NSE Nifty 50 likely to maintain an overall positive bias and can face resistance over the 24,000 mark, according to analysts.

“For traders, the levels of 23,500 and 23,350 would act as key support zones, while resistance areas for the bulls could be found between 24,000 and 24,200,” Amol Athawale, vice president of technical research at Kotak Securities, said.

The index is likely to maintain an overall positive bias and gradually head towards 24,200–24,300 levels in the coming weeks. Dips, if any, in the coming week should be used as a buying opportunity with key support placed at 23,200 levels, according to analysts at Bajaj Broking Research.

The Nifty sustaining the 23,900 level can pave the way for an extended rally towards 24,050, according to Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.

On the downside, immediate support lies at 23,800, followed by 23,500, according to the analyst.

“For the Bank Nifty, the important support levels would be 53,500 and 53,100. As long as these levels hold, the uptrend is likely to continue,” Athawale said.

On the higher side, the index can move up to around 54,500–55,000, with further upside potential that might lift it to 55,300, he added.

Market Recap

The benchmark indices surged over 4.3% during the week. The NSE Nifty 50 closed 414.45 points or 1.77% higher at 23,851.65, while the BSE Sensex ended 1,508.91 points or 1.96% up at 78,553.2.

The Nifty bank index had neared a record high of 54,467.35 mark. The index came nearly 100 points close to the high during noon but did not revisit the all time high. The index further declined over 300 points at market close.

Currency Update

The Indian rupee appreciated sharply by 31 paise at market close on Thursday, with growing foreign inflows and settling market sentiment.

The local unit closed at 85.38 against the US dollar, extending its slip below the psychological level of 86 for the third session. The rupee had opened at 85.61.

Global Cues 

Share indices in Mainland China fell Monday morning after the People’s Bank of China kept the lending rate steady amidst yuan’s fall against the US dollar. The CSI 300 was trading 0.12% down.

The Nikkei 225 was down 1.06% down, while the KOSPI rose 0.19% as of 7:17 a.m.

On Friday, share indices ended on a mixed note. The Dow Jones Industrial Average and Nasdaq Composite ended 1.33% and 0.13% down, respectively. The and S&P 500 ended 0.13% higher.

The Bloomberg dollar index was trading 0.59% down at 98.64. The Bloomberg spot gold was trading 1.40% higher at $3,373.43 an ounce. The brent crude was trading 1.65% down at $66.90 a barrel.

The GIFT Nifty was trading 0.44% or 105 points down at 23,796 as of 7:21 a.m.

. Read more on Markets by NDTV Profit.The NSE Nifty 50 closed 414.45 points or 1.77% higher at 23,851.65, while the BSE Sensex ended 1,508.91 points or 1.96% up at 78,553.2.  Read MoreMarkets, Notifications 

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