After eight weeks of advances, the benchmark index's remarkable winning streak came to an end. This week saw the Nifty50 index reach an important milestone, but a negative closing was caused by the final-day sell-off, which was fueled by weak global indications. In spite of this, the week was filled with events, and the Nifty ended the week slightly above 24700, down 0.47 percent on a weekly basis.
The Nifty price action has not changed significantly, but the market's overall breadth has become somewhat exhaustive, suggesting that prudence is warranted. Technically speaking, the Nifty index is still above all of its key Exponential Moving Averages (EMAs), and the subzone of 24600–24500 has been shown to have strong immediate support.
Also, market players shouldn't have any serious reason to be concerned as long as the Nifty is above this level. On the higher end, the daily chart's bearish gap, which is located between 24850 and 24950, is probably going to serve as intermediate resistance. In the near future, the psychological threshold of 25000 will likely come next. Furthermore, it is expected that a persistent advance above this level will trigger the benchmark's subsequent wave of rallies.
Moving forward, it will be imperative that we be vigilant and keep an eye out for any deviations in the global environment, since these may have a negative impact on the general attitudes and patterns in our industry. Consequently, in order to make sure that we are ready to react appropriately, it is crucial that we closely and methodically monitor these changes over the course of the weekend.
