📷 Image Credits: Moneycontrol
The Indian stock market is abuzz with excitement as the Nifty 50 and Bank Nifty are poised to reach record highs. The Bank Nifty is expected to surpass the 52,000 mark with support at 51,200 levels, according to experts. On the other hand, the Nifty 50 is showing signs of heading towards a new high, with support at 23,400-23,300 levels.
The benchmark indices closed higher on June 24, forming a bullish candlestick pattern, indicating a potential move towards a record high in the F&O expiry week. The immediate resistance for the Nifty 50 is at the 23,650-23,700 zone, while the Bank Nifty is likely to cross the 52,000 mark.
Experts suggest that the Nifty has been consolidating in a range of 23,200 to 23,700 levels for the last 10 trading sessions. A breakout above or below this range could establish a new trend. The momentum indicators are positive in the short term, with key resistance at 23,700 and support at 23,300.
Additionally, the Bank Nifty has been consolidating within a range of 52,000 to 51,000, forming a symmetrical triangular pattern. The momentum indicators are signaling an uptrend, with key resistance at 52,000 and support at 51,500.
In conclusion, as the Indian stock market gears up for potential record highs, investors are advised to closely monitor key levels and indicators for strategic entry and exit points. Stay tuned for further developments in the market as the Nifty 50 and Bank Nifty prepare for significant movements.
