NIFTY 50 may rise to 25575.00 - 25772.00

Our pivot point is at 24605.00.

Our preference

The upside prevails as long as 24605 is support.

Alternative scenario

The downside breakout of 24605 would call for 24275 and 24078.

Comment

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. NIFTY 50 Index is above its 20 and 50 period moving average (respectively at 24457 and 23652.40). Finally, the NIFTY 50 Index is trading above its upper Bollinger band (standing at 24878.20).

Supports and resistances

25972.00 **

25772.00 *

25575.00 **

25378.00

24890.40 last

24737.00

24605.00 **

24275.00 *

24078.00 **

Number of asterisks represents the strength of support and resistance levels.