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On Monday, July 29, 2024, the NSE Nifty 50 index came within striking distance of the milestone 25,000-mark, as the index registered a new all-time high at 24,980.45 in intra-day deals. The NSE index has surged 15 per cent so far this year, and the bulls seem to be in no mood to relent.
Against this background, here’s how the key indices are placed on the technical charts. Going forward, these key support and resistance levels can help in navigating the markets.
Nifty 50 index
Current Level: 24,925
Upside Potential: 3.5%
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Support: 24,820; 24,700
Resistance: 25,115; 25,450
Last Friday, the Nifty 50 index gave a fresh breakout on the daily chart by closing above the higher-end of the Bollinger Bands on the daily scale. The near-term bias is likely to remain bullish as long as the Nifty sustains above 24,820 levels. Following which, a stronger support for the index stands at 24,700.
Even as the Nifty trades in fairly overbought zones on the medium- and long-term charts, the key momentum oscillators continue to signal a positive bias. On the upside, the Nifty may face some resistance around 25,115 levels; above which the index can potentially rally to 25,450 and 25,800 levels in the coming months. CLICK HERE FOR THE CHART
Nifty IT
Current Level: 41,077
Upside Potential: 5.7%
Support: 40,630; 39,800; 39,300
Resistance: 41,800
The Nifty IT index has given a breakout on the long-term chart after 4 months. The overall bias for the NSE tech-laced index is likely to remain positive as long as the index holds above 39,330 levels. On the upside, the IT index can zoom to 43,400 levels, with interim resistance seen around 41,800 levels.
In case of a dip, 40,630 shall act as an immediate support for the IT index followed by 39,800. CLICK HERE FOR THE CHART
Nifty Bank
Current Level: 51,775
Upside Potential: 9.6%
Support: 50,800
Resistance: 52,250; 54,000
The Nifty Bank index seems to be seeking support around its 50-DMA (Daily Moving Average) around 50,800 levels. On its way up, the Banking index may face some resistance around the 20-DMA at 52,250 levels.
Break and sustained trade above the same can trigger a sharp rally in the Bank Nifty, as key momentum oscillators on the long-term charts suggest strength in momentum. On the upside, the index can potentially rally to 56,730 levels, with interim resistance seen around 54,000, 55,050 and 55,900 levels. CLICK HERE FOR THE CHART
Nifty Auto
Current Level: 26,365
Upside Potential: 7%
Support: 26,100; 25,700
Resistance: 26,350; 27,050
The Nifty Auto index has been on a phenomenal 9-month winning streak since October 2023; wherein, the index has surged 65 per cent till date. Despite being overbought on the monthly scale, key momentum oscillators continue to exhibit strength, hence suggesting further upside.
The bias for the Nifty Auto index is expected to remain bullish as long as the index holds above 26,100 levels, below which the next significant support stands at 25,700 levels.
On the upside, the Nifty Auto index can extend its rally towards 28,200 levels; with interim resistance expected around 26,350, 27,050 and 27,625 levels. CLICK HERE FOR THE CHART
Nifty Realty
Current Level: 1,089
Upside Potential: 6.5%
Support: 1,080; 1,065; 1,020
Resistance: 1,160
The Nifty Realty index is seen seeking support around its 20-WMA (Weekly Moving Average), which stands 1,020 levels. The overall bias is likely to remain positive as long as the index holds above this level.
Near support for the NSE real-estate sectoral index can be expected around 1,080 and 1,065 levels.
On the upside, the index has near resistance at 1,105 above which it may re-test the recent highs around 1,160 levels. Only break and sustained trade above this hurdle can trigger a fresh rally in the Nifty Realty index. CLICK HERE FOR THE CHART
Nifty FMCG
Current Level: 62,525
Upside Potential: 5%
Support: 61,000; 59,900
Resistance: 63,200; 64,700
The Nifty FMCG index has been one of top performers alongside the Nifty IT in July thus far. The index has surged over 10.5 per cent, and is seen quoting above the higher-end of the Bollinger Bands on the monthly scale, which stands at 61,000.
The bias is likely to remain bullish as long as the index holds above 61,000-mark, below which the key support for the index stands at 59,900 levels.
On the upside, the index can attempt a rally towards 65,650 levels, with interim resistance seen around 63,200 and 64,700 levels. CLICK HERE FOR THE CHART
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