The Nifty 50 Shows Strong Bullish Momentum, Eyes 24,000 Mark Amid Optimism
Market experts observe that the Nifty 50 has formed a robust bullish candlestick pattern on its daily charts, signaling potential upward movement towards the 24,000 level in the near term. This bullish sentiment hinges on the index maintaining crucial support at 23,500. On June 25, the benchmark indices achieved a fresh closing high following a period of consolidation.
In parallel, experts anticipate the Bank Nifty to surge towards 53,000, buoyed by prevailing market optimism, while emphasizing the importance of support at 51,800. On Tuesday’s trading session, the Nifty 50 surged by 183.5 points to settle at 23,721, reflecting a gain of 0.78 percent. Similarly, the Bank Nifty recorded a significant rise of 902 points, or 1.74 percent, closing at 52,606.
Despite these gains, market breadth showed a negative tilt on the NSE, with 1,317 shares declining against 993 advancing shares. This dynamic underscores the cautious optimism prevailing in the market amidst the upward momentum of key indices.