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The Nifty index reclaimed 25,000 after a five-session winning streak on Wednesday and ended above it for the first time since July.  Will the bulls maintain this momentum as it heads into the weekly options expiry session on Thursday?

SEBI-registered analysts shared the trade setup for the day on Stocktwits. 

Will Nifty Hold 25,000 In Expiry Session?

Bharat Sharma of Stockace Financial Services highlighted that on the daily timeframe, the Nifty index has breached the negative trendline and crossed the previous peak resistance zone around 25,000, managing to close above it. Additionally, the index is trading above all key exponential moving averages (EMAs), with the 20-day EMA on the verge of breaking out above the 50-day EMA. 

Sharma believes that positionally, there is a likelihood of upside movement in the coming weeks, with a primary potential target zone of 25,200–25,400 and higher. However, one factor missing so far is a retest of this breakout, which indicates that we could see a possible dip before the index continues higher.

On the intraday front, Nifty respected the 20-day EMA (on 15-minute timeframe) on Wednesday, and hence will be considered at the immediate support at 25,040. If breached, on the downside, he expects the index to test 25,000, 24,980, 24,920-24,880. On the upside, immediate resistance is seen at 25,080 and 25,100. If it trades above this level and sustains it, then the Nifty index could trend higher to 25,150-25,200 and potentially higher.

Nifty Levels To Watch

Dipak Takodara noted that the Nifty index is now above all three-day moving averages (DMAs) – 10-DMA (24,676), 20-DMA (24,747), and 50-DMA (25,014). The 10-DMA is rising while the 20-DMA and 50-DMA continue to remain flat, which keeps the short-term trend improving, with the medium trend still neutral until we build more time above 25,000, according to him.

Takodara said that the gap base at 24,800–24,850 continues to act as a strong support. With the Nifty closing above the 50-DMA, the next test is at 25,250–25,350 (nearby horizontal supply).  

Key levels to watch include support at 24,850–24,800 (gap), 24,700–24,750 (20-DMA), 24,600–24,650 (10-DMA), and resistance at 25,000–25,050 (50-DMA), followed by 25,250–25,350.  

Takodara concluded that for Thursday, if the Nifty holds 25,000/50-DMA, it can extend towards 25,250–25,350. But a fall back below 25,000/50-DMA would likely bring a retest of 24,800–24,850.

Nifty & Bank Nifty Outlook

A&Y Market Research has identified Nifty intraday resistance between 25,009 - 25,075 with support at 24,738 - 24800. For the Bank Nifty, they see resistance at 55,850 - 55,921 and support at 55,443 - 55,557.

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