Despite this bounce back, experts anticipate some consolidation in the upcoming sessions until the indices decisively close above the 20-day moving average. The Nifty 50 is likely to face hurdles at the 25,200-25,300 range if it holds the 25,000 mark.
Finally, buying interest emerged after a six-day correction, driving the benchmark Nifty 50 slightly above the 25,000 mark and the Bank Nifty above the 51,000 level on October 8. Despite this bounce back, experts anticipate some consolidation in the upcoming sessions until the indices decisively close above the 20-day moving average. The Nifty 50 is likely to face hurdles at the 25,200-25,300 range if it holds the 25,000 mark; however, below this level, the key support to watch will be 24,800. For the Bank Nifty, the index may move toward 51,500 if it sustains above 51,000, but if it falls below this level, 50,500 could be a potential target.
On Tuesday, the Nifty 50 jumped 217 points, or 0.88 percent, to close at 25,013. The Bank Nifty rallied 542 points, or 1.07 percent, to reach 51,021, with strong breadth in the market. On the NSE, about 2,045 shares advanced, while 474 shares declined.
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