Nifty has to hold above 24250 for upmove

Nifty Bank formed a Doji kind of pattern on daily scale as buying was visible at lower levels but momentum was missing at higher zones. Now it has to hold above 52000 zones for a bounce towards 52500 then 52750 levels

- Motilal Oswal Team

Nifty Index opened flattish and after a slight dip in the initial hour, it quickly regained strength and remained afloat in a range for the first half. Buying interest emerged in the latter part of the day and it closed with gains of around 150 points. It formed a bullish candle with a longer lower shadow, indicating buying interest at lower levels and has been making higher lows from the last two sessions. Now it has to hold above 24250 zones for an up move towards 24500 then 24650 zones, whereas supports can be seen at 24150 and 24000 zones.