Morning Nifty and Derivative Comments 10 February 2025 By Anand James, Geojit Financial Services
Below the Quote on Technical Views by Anand James, Chief Market Strategist, Geojit Financial Services
Though Friday ended with Nifty in red completing three consecutive days of descent, favoured view sees it as an acknowledgement of the importance of the 50 SMA from which the turn lower started. But then, bargain buying unfolded quickly in the dying hours of Friday, on approach of the 38.2 fibo of the 27 Jan-05 Feb ascent, setting up conditions for a large move in the coming week. This setup thus encourages us to look at the 24380-426 as the potential upside target, with 24226, the 2nd Jan high, offering intermediate resistance. Alternatively, inability to clear 23800 or inability to float above 24020 after the initial burst could deflate upside momentum. - Read more
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