Nifty Holds 24,000 Support: Are We Ready for a Big Breakout?
Nifty ended the week in the green above 24,270, supported by IT stocks. While long-term charts show recovery, crossing 24,500 is the key for a massive rally. 24,000 remains our solid safety net.
Namaste traders! Nifty ended the week with a smile, closing at 24,270. The IT sector was the absolute star, with HCL Tech jumping almost 6%. We also had some encouraging news globally—a softer US jobs report means the US central bank might cut interest rates soon, which makes stock markets happy. Plus, cooling oil prices and FIIs (foreign investors) buying shares worth over Rs 1,355 crores gave our market a nice push.
Looking at the bigger picture on the charts, the first six months of 2026 were a bit painful. However, our monthly and quarterly charts show that the market is trying hard to heal. The best part? Nifty is stubbornly holding on to the 24,000 level like a rock. The weekly chart gave a positive closing, indicating that the buyers are slowly taking control again.
So, what is the game plan? While the mood is positive, it is not a 'super bull' run just yet. Why? Because there is a gap left behind at lower levels (around 23,620) on the charts. Sometimes, markets drop to fill these gaps before going up. We will play it smart and stick to the flow. Look for fresh buying only if Nifty strongly crosses the 24,300 to 24,500 area. If it survives above 24,500, it could become unstoppable! On the flip side, we will only think about selling if the 24,000 support breaks.
- FIIs are back to buying (net Rs 1,355 cr), giving a boost to market sentiment.
- The IT sector is leading the charge; keep an eye on tech stocks for momentum.
- Wait for a clear crossing of the 24,300 hurdle before jumping into aggressive buy trades.
Prepared by Nitish Goyal, SEBI Registered Research Analyst (INH000025993), under EquityMuni / Trading Baniya. For educational purposes only and not investment advice. Investment in securities market are subject to market risks; read all related documents carefully.