Analyst Recommends Profit-Booking at Resistance Levels

Why it matters

This recommendation suggests traders should consider securing profits at these levels. Such levels often represent areas where selling pressure may increase. The Nifty 50 index has found support around the 24,300-24,350 zone, indicating a potential bottom formation. A sustained move above 24,500 could lead to a recovery towards 25,080-25,320. Conversely, failure to hold above 24,500 could expose the index to further downside risk, potentially revisiting the 24,300 level. Escalating geopolitical tensions could exacerbate this decline, potentially pushing it towards 23,000-22,900. For Bank Nifty, the 56,800 level represents a key hurdle. A decisive break above this could unlock further upside.

Key numbers

• Zee Business Live recommends profit-booking at Nifty trading range of 24,300-24,500 and Bank Nifty resistance at 56,800-57,000.
• The Nifty 50 index has found support around the 24,300-24,350 zone, indicating a potential bottom formation.
• A sustained move above 24,500 could lead to a recovery towards 25,080-25,320.
• Conversely, failure to hold above 24,500 could expose the index to further downside risk, potentially revisiting the 24,300 level.

What happens next

• Such levels often represent areas where selling pressure may increase.
• A sustained move above 24,500 could lead to a recovery towards 25,080-25,320.
• Conversely, failure to hold above 24,500 could expose the index to further downside risk, potentially revisiting the 24,300 level.

Sources

• Live recommends

Quick answers