The Nifty may see further volatility in the near term before resuming its upward trajectory, according to Anand James, Chief Market Strategist at Geojit Investments. With the index testing the 24,300–24,400 support zone, James expects further dips before a potential move towards 24,850–25,100.
He said a break below 24,170 could weaken the near-term structure and expose the index to 23,575. On Bank Nifty, James sees the ongoing consolidation as a base-building phase, with a decisive breakout likely only beyond the 57,100–58,000 range. He also identified Realty and PSU Bank as sectors that could lead, while cautioning against near-term weakness in Auto and Energy stocks.
