GIFT Nifty 50 holds key support at 24,550 in narrow range
Benchmark consolidates near critical hourly level after recent gains, with traders monitoring 24,550 as pivotal resistance-turned-support.
The GIFT Nifty 50 index extended its consolidation phase on Monday, holding firm above the psychologically significant 24,550 mark in early trade.
Traders cited the 24,550 level as a critical hourly support after the index tested and briefly slipped below it during intraday volatility. The benchmark has since stabilized, with volume remaining subdued as participants await fresh directional cues.
Technical indicators suggest the 24,550 level is now acting as a resistance-turned-support zone, following the index’s recent rebound from lower levels. A sustained move above this threshold could open room for further upside, while a breakdown may prompt a retest of deeper support levels.
The narrow trading range reflects a cautious stance among investors, with broader market sentiment remaining cautious amid mixed global cues. Brokerages noted that the index’s ability to hold above 24,550 would be key to sustaining recent momentum.
For now, the GIFT Nifty 50 remains in a consolidation phase, with traders closely watching the 24,550 level for signs of a potential breakout or breakdown.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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