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Nifty on the edge of a precipice
Financial Express Kochi
|February 24, 2025
THE NIFTY CLOSED at 22,795.90 on Friday, its lowest closing level since reaching an all-time high of 26,277.35 on September 27.
The Nifty has gone below the 22,800 mark four times in intra-day terms but has always managed to bounce back above it on a closing basis. This puts the Nifty on the edge of a precipice and could tumble on Monday in the opening trade itself.
The trendline number 52, which was drawn by joining the weekly lows of August 9 and November 22 at 23,893 and 23,263 respectively. The weekly close last Friday was above this trendline, but this is likely to be broken in the opening trade. The next support is at 22,725, the lowest intraday low seen on February 17. This, too, is likely to evaporate in thin air in the open.
This story is from the February 24, 2025 edition of Financial Express Kochi.
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