Nifty outlook: 24,190-24,050 crucial support zone; BHEL, Aarti Ind in focus | Markets News

Nifty breached the 24,450 – 24,650 range on the downside and witnessed a sharp decline towards 24,280 (the 20-day moving average). The Nifty is now retracing the rise it has seen from 23,606 to 24,774. The crucial support levels for Nifty are 24,190 – 24,050, which correspond to the 50 per cent and 61.8 per cent Fibonacci retracement levels of the 23,606 – 24,774 rally. The daily momentum indicator has triggered a negative crossover, which signals a sell. In terms of levels, 24,450 will act as resistance as per the role reversal principle, while 24,190 – 24,050 is the support zone. 

Bank Nifty recovered from the 40-day average (57,278) support and resumed its upmove. The immediate hurdle is at 58,250, while 57,250 will act as short-term support. The momentum indicator has a positive crossover, which signals a buy. The price structure suggests range-bound price action between 57,100 – 58,300 over the next few trading sessions. 

BHEL has recovered from the support confluence of ₹400 – 405 and formed a strong bullish candle on the daily chart. Stochastics exiting the oversold zone suggest the upmove is likely to continue. 

Aarti Industries has broken out of a triangle pattern on the daily charts, suggesting the resumption of the next leg of the upmove. Positive crossover on the MACD suggests a Buy signal. 

Apollo Hospitals Enterprise has witnessed a breakdown of the ₹9000 – 8800 range, suggesting a trend reversal. Trend Indicator MACD has a negative crossover, which is a sell signal.