Nifty seen clearing first roadblock; next stop at 23,800? Key levels here

The NSE Nifty is on the verge of a positive breakout after a gap of nearly 1.5 month; technical chart suggests the index could rally all the way to 24,250 levels.

The NSE Nifty 50 index has surged over 1 per cent in intra-day deals on Tuesday, and is now seen quoting above its super trend line on the daily scale for the first time since December 19, 2024. A close above 23,604, shall qualify as a positive breakout for the Nifty on the daily scale.  At the high point of the day so far, at 23,659, the Nifty gained 3.8 per cent from its recent low of 22,787. That apart, the Nifty 50 is seen quoting above its 20-DMA (Daily Moving Average) for the fourth straight trading session.  Technically, the Nifty is now seen clearing its first key hurdle as the index attempts a pullback from its record high of 26,277. The Nifty 50 had shed 13.3 per cent or almost 3,500 points from the peak in the last four months.  Amid the attempted recovery, the Nifty can potentially attempt a rebound towards 24,250 levels. The next key hurdle for the Nifty is placed around 23,780 levels, above which resistance can be expected around 24,020 and 24,150 levels. CLICK HERE FOR THE CHART    The near-term bias for the Nifty is likely to remain upbeat as long as the index holds above 23,500 levels; below which the key support for the index stands at the 20-DMA (Daily Moving Average) at 23,250.  The BSE Sensex, meanwhile, is seen quoting around 78,150 levels. The BSE benchmark has gained nearly 2,900 points from its recent low at 75,267.  The quarterly Fibonacci chart suggests that sustained trade above 78,150, shall pave the way for a likely rally towards 80,000-mark, above which a test of 81,150 seems likely. Interim resistance for the Sensex can be expected around 78,635 and 79,335 levels.  In case of a dip, the BSE Sensex may seek support around 77,500 levels.