Nifty is likely to act in 24,200-24,800 range: analysts

Nifty 50 ended the week on a positive note after six consecutive weeks of autumn, which led cautiously optimism. The index is now confronted with resistance around the level of 24,800, while strong support is close to its 200-day exponential advancing average (DEMA) at 24,200. Analysts expect the Nifty to act broadly in the short term within the reach of 24,200 – 24,800.

Somil Mehta

Head – alternative research, Mirae Asset SharekhanDespite the sales pressure in the short term, the trend remains constructive in the medium term. The index floats close to two crucial support levels-the 200-day EMA on 24,215 and the 40-week EMA at 24,209. Based on the Elliott golf theory, Nifty seems to have completed its corrective wave 4 phase and started Wave 5, an upward leg that was confirmed by a strong quarterly closing in June 2025. This sets the index for a potential rally to 28,000 and then.

Trade strategies for this week: The correction offers an opportunity to collect large caps of quality. Investors must build exposure in defense, medicines, capital goods and cars. Stocks such as L&T, SBI, Reliance Industries, Hindustan Unilever, Ultratech Cement, Cipla and Hero Motocorp stand out as strong candidates.

Sameet Chavan

Head of Research – Technical and Derivatives, Angel One
Nifty is currently in an important Control zone between 24,400 and 24,100, characterized by the 200 days SMA and earlier FIIS ‘Index Long Short Ratio remains lower than 10-historically a brought zone. As long as Nifty applies more than 24,000, there is no immediate reason for concern. At the top, the recovery of the 20-Dema to 24,750 would be the first sign of strength, so that the road would open to 25,000-25,250.Trade strategies for this week: Auto, Pharma and FMCG expected to perform better in the short term. Bank Nifty is confronted with a make-track level at 55,000. An outbreak above 55,800 could cause a strong purchase, which makes a wider market higher.

Dhupesh Dhameja

Derivaten analyst, Samco Securities
A potential bullish Harami Candlestick has emerged on weekly graph, which indicates early signs of optimism. 24,600 is the most active strike, with writing aggressive conversations in 24,700 reinforcing resistance. Heavy well positions at 24,600 offer support in the short term. FPIs remain heavily short.

Trade strategies for the week Strategies for maintaining the range remain preferred until the clarity appears. Sectors that show resilience include cars, sustainable consumers, cement and insurance. Stock -specific possibilities are visible in Maruti Suzuki, HDFC Life Insurance, Ultratech Cement and Uno Minda.(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)