Analysts say momentum and volumes will be key drivers of the next move.
Indian equity markets snapped an eight-day losing streak on Wednesday, with the Nifty index reclaiming 24,800. The GIFT Nifty, however, indicates a subdued start for Dalal Street on Friday.
With the Nifty facing a crucial test at 25,000 resistance, will the bulls manage to hold the gains? SEBI-registered analysts shared their Nifty outlook on Stocktwits.
Trade Setup For October 3
Analyst Ashish Kyal said that if the Nifty index manages to close above 24,880 on the 15-minute timeframe, it could see a rally to 24,970 as long as the 24,728 Gann level remains intact. He cautioned that a breach below 24,690 can be concerning. Kyal concluded that the time is right, but momentum is the key on the upside.
Dipak Takodara noted the strong bounce in Nifty, accompanied by higher volume, but added that the job isn’t finished. He said that the index now trades at the resistance zone of the 50/20/10-day moving average (DMA) cluster between 24,850 and 25,000.
Vinay Taparia highlighted that the Nifty index has maintained the higher low trend and took support near the upward-moving trend line. A follow-up move in the subsequent few sessions will confirm the bottom formation.
A&Y Market Research identified intraday Nifty resistance at 25,009-25,075, with support at 24,738-24,800. For Bank Nifty, they pegged intraday resistance at 55,443 – 55,557, with support at 55,055 – 55,168.
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