Nifty50 Skyrockets: Breakout Above 24,950 Sparks Excitement for Record Highs | Market News
Nifty50 Update: Bulls in Control with Eyes on New Highs
The Nifty50 Index is currently exhibiting a strong bullish trend, suggesting robust upward momentum in the short term. Should the index break and close above the crucial level of 24,950, it could propel towards new lifetime highs with target levels at 25,080, 25,375, and 25,800. For traders, the recommended strategy is to buy on dips, leveraging the prevailing uptrend and aligning with market sentiment reinforced by both lagging and leading indicators.
Nifty MidCap Select Index: Bullish but Prudent Strategy Advised
The Nifty MidCap Select Index has surged to a new high, underscoring a positive market sentiment. However, nearing resistance levels at 13,200 and 13,500, potential profit booking and volatility are anticipated. A Systematic Withdrawal Plan (SWP) is advisable for near-term traders to regularly take profits and manage exposure. As technical indicators approach the overbought zone, monitoring the performance around these resistance levels is key to mitigating risk and leveraging gains.
(Disclaimer: The views expressed are those of independent technical analyst Ravi Nathani. He holds no positions in the indices mentioned. This is not a solicitation or offer to buy or sell securities and should not be considered as financial advice.)
Original Story https://www.business-standard.com/markets/news/nifty50-bullish-on-charts-breakout-above-24-950-may-lead-to-new-highs-124082600035_1.html
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