Trade Setup For Jan.3: Nifty Eyes Higher Levels With Resistance At 24,250-24,300

India’s benchmark index, NSE Nifty 50, is showing potential for further upward movement, with immediate resistance identified at the 24,250 to 24,300 range, and a significant support level near 23,890. Analysts believe that if the index breaks above 24,300, it could trigger new momentum, while any dips towards support levels present viable buying opportunities.

According to Osho Krishnan, a senior analyst specializing in technical and derivatives at Angel One, the 24,000 level, aligning with the 20-day Exponential Moving Average (DEMA), is expected to cushion any market setbacks. The 200-day Simple Moving Average (SMMA) is noted as a key support for the Nifty. Furthermore, maintaining a position above the 24,250 to 24,300 range is expected to spur further growth in the index in the near term. Therefore, investors are advised to view any dips towards the mentioned support level as buying opportunities.

Hrishikesh Yedve, the AVP of technical and derivatives research at Asit C. Mehta Investment Intermediates Ltd., notes that the Nifty has successfully held its trend line support, surpassed the 200-day SMMA, and formed a solid bullish candle on the daily chart, indicating robust performance. Following its breakout from a short-term consolidation phase between 23,500 and 23,900, the index is well-positioned to test levels around 24,300 to 24,400 shortly.

On the downside, the 200-day SMMA, situated near 23,890, serves as a crucial short-term support for the index. As long as Nifty remains above this level, a buy-on-dips strategy is recommended for investors.

Siddhartha Khemka, head of research for wealth management at Motilal Oswal Financial Services Ltd., remarks that investors will be closely monitoring pre-quarterly business updates expected in the coming days for insights into the approaching earnings season. He anticipates a gradual market increase alongside monitoring for Q3 earnings and global cues, especially as foreign markets reopen after year-end holidays.

In related news, the Bank Nifty closed positively at 51,606. Yedve points out that technically, this index has retained its support at the 200-day DEMA, located around 50,490, and has formed a strong bullish candle on the daily chart. Resistance is noted at the 50-day DEMA near 51,870. He adds that the index is still in a consolidation phase within the range of 50,500 to 52,000. If it sustains above 52,000, it could trigger a fresh rally toward levels of 52,500 to 53,000.

Market Recap

The Indian benchmarks enjoyed a higher closing for the second consecutive day on Thursday, marking their best session since November 22. Both equity indices achieved their highest closing figures since December 18.

The NSE Nifty 50 ended up 445.75 points, or 1.88%, at 24,188.65, while the BSE Sensex closed 1,436.30 points, or 1.83%, higher at 79,943.71. During the day, the Nifty had reached a peak increase of 2%, and the Sensex rose by 1.9%.

Money Market

The Indian rupee weakened against the US dollar on Thursday, declining by 10 paise to finish at 85.75, continuing its trend of weakening amidst global dollar strength and domestic demand fluctuations. The domestic currency opened down by 6 paise at 85.71 against the US dollar, following a similar pattern from the previous session where it weakened by 4 paise, closing at 85.65 after an opening of 85.62 in the first trading session of 2025.

Nifty, Market, Resistance