Nifty Bank has to hold above 51K for upmove

Nifty Index opened positive near 25000 marks and after a slight slip in the first tick, it took support near 24900 zones and recovered by 230 points from there.

- Motilal Oswal Team

Buying was seen most of the day and it closed with gains of around 100 points. It formed a small bodied bullish candle on daily frame with long shadows indicating swings but negated its lower highs formation of the last two sessions. Now it has to hold above 25000 zones for an up move towards 25200 then 25300 zones whereas supports are placed at 24900 then 24800 zones.

India VIX was down by 6.18% from 14.24 to 13.36 levels. Volatility has been cooling off from the last two sessions and paved way for buying at lower levels.