Nifty may test 25,800, Bank Nifty 60,200 in coming week: Experts
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New Delhi, Nov 8 : Nifty is likely to maintain its bullish momentum in coming week, with immediate resistance placed at 25,350-25,800, while Bank Nifty could move towards 60,200, market experts said on Sunday, pointing to a positive technical outlook for Indian equities despite the possibility of intermittent profit booking.
Following a six-day rally through November 5, investors will now look towards the special Muhurat Trading session on Sunday to mark the beginning of Samvat 2083, the Hindu financial year. The one-hour trading session, scheduled for the afternoon as part of Diwali celebrations, is traditionally considered auspicious for making fresh investments.
"On the technical front, Nifty has immediate support in the 24,000-24,400 zone, which will be crucial for sustaining its current breakout structure," analysts stated.
"A sustained move above the resistance range of 25,350-25,800 could extend the ongoing bullish momentum towards higher levels," market experts mentioned.
Experts said any corrective movement towards the support zone could attract buying interest, provided the index holds above the breakout levels. Traders are advised to maintain a positive bias while remaining selective and keeping an eye on possible profit booking following the recent sharp rally.
Bank Nifty also retains a bullish bias following its decisive breakout and strong weekly close. However, some intermittent profit booking cannot be ruled out after the sharp upward movement.
"Sustaining above the 57,500-58,300 support zone will be important for maintaining positive momentum, while the index could move towards the 59,700-60,200 resistance range in the coming trading sessions," experts said.
Looking ahead, market participants are expected to remain selective, prioritising fundamentally strong companies and using market corrections to identify attractive long-term investment opportunities.
Experts said domestic corporate earnings growth, geopolitical tensions, crude oil prices, infrastructure spending, interest rate movements and currency fluctuations will remain among the key factors influencing market direction in Samvat 2083.
Despite significant buying support from foreign institutional investors (FIIs) in the recent market rally, the sustainability of these inflows remains an important consideration for investors.
Energy-linked inflation, supply chain disruptions and higher overall inflation could weigh on consumption demand and economic activity. However, experts believe strong corporate earnings momentum expected in FY27 could help offset some of these challenges.
Following a six-day rally through November 5, investors will now look towards the special Muhurat Trading session on Sunday to mark the beginning of Samvat 2083, the Hindu financial year. The one-hour trading session, scheduled for the afternoon as part of Diwali celebrations, is traditionally considered auspicious for making fresh investments.
"On the technical front, Nifty has immediate support in the 24,000-24,400 zone, which will be crucial for sustaining its current breakout structure," analysts stated.
"A sustained move above the resistance range of 25,350-25,800 could extend the ongoing bullish momentum towards higher levels," market experts mentioned.
Experts said any corrective movement towards the support zone could attract buying interest, provided the index holds above the breakout levels. Traders are advised to maintain a positive bias while remaining selective and keeping an eye on possible profit booking following the recent sharp rally.
Bank Nifty also retains a bullish bias following its decisive breakout and strong weekly close. However, some intermittent profit booking cannot be ruled out after the sharp upward movement.
"Sustaining above the 57,500-58,300 support zone will be important for maintaining positive momentum, while the index could move towards the 59,700-60,200 resistance range in the coming trading sessions," experts said.
Looking ahead, market participants are expected to remain selective, prioritising fundamentally strong companies and using market corrections to identify attractive long-term investment opportunities.
Experts said domestic corporate earnings growth, geopolitical tensions, crude oil prices, infrastructure spending, interest rate movements and currency fluctuations will remain among the key factors influencing market direction in Samvat 2083.
Despite significant buying support from foreign institutional investors (FIIs) in the recent market rally, the sustainability of these inflows remains an important consideration for investors.
Energy-linked inflation, supply chain disruptions and higher overall inflation could weigh on consumption demand and economic activity. However, experts believe strong corporate earnings momentum expected in FY27 could help offset some of these challenges.
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Note: The content of this article is sourced from a news agency and has not been edited by the ap7am team.