Nifty Up +650 Points today, What Next ?

Nifty 50 rallied sharply today, surging nearly 2.9% to close at 24,703.2, driven by positive developments such as the India-Pakistan ceasefire and strong buying across sectors, especially banking and broader markets. Looking ahead, here are the key upcoming events and factors to watch:

📊 Momentum & Breadth
The advance/decline ratio is highly positive (48/2), indicating broad-based buying.

Sectors like Realty and Metal led gains, while only Pharma and Healthcare saw minor declines.

📊 Support and Resistance Levels
Immediate resistance: 24,870. A move above this could quickly push Nifty towards 25,000, and if that is breached, the next target is 25,200.

Immediate support: 24,650. A fall below this level could trigger some intraday weakness, but a drop below 24,650 appears unlikely given current momentum.

Stronger support zones: 24,000–23,800. Only a breach below 23,800 would signal a deeper correction, possibly towards the 200-day EMA near 23,500–23,400.

Technical Indicators
✅ Most technical indicators are in "Buy" or "Strong Buy" territory:
✅ RSI (14): 66–69 (bullish, but nearing overbought).
✅ Stochastic Oscillator: Overbought (97+), suggesting the rally is strong but a short-term pullback is possible.
✅ Moving Averages (MA5, MA10, MA20, MA50, MA100, MA200): All indicate a buy, confirming the uptrend.
✅ MACD: Slightly negative, but other momentum indicators outweigh this for now.
✅ ATR (Average True Range): High volatility, so expect sharp moves.

Trading Strategy
Long positions can be considered above 24,650, with a stop-loss at 24,500 and a target of 25,000. Watch for resistance at 25,000; a clear breakout could extend the rally to 25,200. If Nifty falls below 24,650, be cautious of a short-term pullback.

Market Sentiment
The rally is supported by positive news flow and broad sector participation. Volatility may remain elevated due to ongoing geopolitical and macroeconomic developments.

Outlook
The technical setup remains bullish in the short term, with momentum favoring further upside unless Nifty drops below key support levels. However, with some indicators in overbought territory, a brief consolidation or minor pullback cannot be ruled out before any further advance.

Disclaimer: Views/Stocks updated above are not recommendations and details are shared only for educational purpose.

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