Jose Mathew

Momentum indicators suggest a bullish trend, as the Nifty continues to  trade above both its short-term and long-term moving averages.

Intraday traders need to use caution around the key support and resistance levels. 

Technical outlook: The current upward trend is expected to continue as long as the Nifty stays above the key level of 24,980. 

On Friday, the market breadth was negative with 1229  stocks rising, 1337  falling, and 112 remaining unchanged.

The positive trend will continue if the Nifty stays above the intraday support of 24750. 

The index formed a white candle on the daily chart and closed above  the previous day's close; this pattern indicates the possibility of continuing the uptrend.

Technical outlook: The positive trend will continue if the Nifty stays above the intraday support of 24525. 

The positive trend will continue in the coming days if the Nifty remains above the short-term support level of 24870. 

The momentum indicators signal a positive trend

The Nifty remains above the long-term and short-term moving averages.