Nifty has to hold above 24350 for upmove

Nifty Index opened negative but recovered in the first half of the session. However, it failed to hold at higher zones and drifted lower later to close with losses of around 130 points.

- Motilal Oswal Team

It has failed to cross 24500 levels from the last five sessions, and follow-up buying is missing despite support-based buying. It formed a small bodied bearish candle on a daily frame but has been making higher lows from the last three sessions. Now it has to hold above 24350 zones; for the next up move towards 24500 then 24650 zones, whereas supports can be seen at 24250 then 24150 zones.