Trade Setup for July 28: Nifty 50 Faces Resistance Near ₹24,900–25,000
Key Technical Levels
- Nifty has breached the 24,900 level, indicating weakening on the downside. Immediate support is now at ₹24,700.
- Major support lies in the ₹24,450–24,550 zone, which is critical to prevent deeper correction.
- On the upside, resistance is placed around ₹25,000, which bulls need to reclaim soon.
Analyst Advice & Market Context
- Rupak De (LKP Securities): Emphasises the ₹24,700 support and cautions that failure to reclaim 24,900 could spell trouble for bulls.
- Ajit Mishra (Religare Broking): Confirms breach of 24,900 and highlights the ₹24,450–24,550 as major support range. Advises staying with the trend and avoiding averaging down on losing trades.
Recent Market Recap
- For the second straight day (as of July 25), Nifty and Sensex closed lower. Sensex dropped ~721 points and Nifty fell ~225 points to close at 24,837.
- This represents the longest weekly losing streak since October 2024.
Conclusion
Nifty 50 is under short‑term pressure having dipped below ₹24,900. Analysts see immediate support at ₹24,700, with stronger support near ₹24,450–24,550 if the index slides further. Resistance near ₹25,000 will be key to any near‑term rally. Traders are advised to follow the prevailing trend and avoid adding to losing positions.
