Nifty ended positive on Thursday for the second day in a row led by banks, metals and pharma stocks, negating selling trends in the IT counters.The index rallied sharply higher but faced resistance near the previous congestion zone around 23,800, leading to a slightly lower closing.
Rupak De, Senior Technical Analyst at LKP Securities said the index continues to trade below the critical 20 EMA, indicating that the broader trend remains bearish. "In the near term, a decisive move above 23,800 could trigger fresh upside momentum, potentially taking the index towards 24,200 and even higher levels. However, failure to sustain above 23,800 may invite renewed selling pressure and bring the bears back into control of the market," De said.
