Nifty ends flat to negative on weekly expiry; Religare Broking recommends 'sell on rise' as index defends 24,000 but trend stays weak

The Nifty index ended flat to negative on weekly expiry, closing near the 24,000 mark amid mixed global cues. Religare Broking advises a 'sell on rise' strategy as the index shows weakness, with potential downside toward 23,900-23,800, while resistance is seen at 24,150-24,250.

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The Nifty index experienced volatility on its weekly expiry, ultimately closing flat to negative as it defended the 24,000 level. Despite this, the overall trend remains weak, with analysts predicting potential declines toward the 23,900–23,800 zone.¹²

Religare Broking has recommended a 'sell on rise' strategy, emphasizing a stock-specific approach based on sectoral performance. The index faces resistance in the 24,150–24,250 range, which coincides with multiple technical hurdles.⁴

Market analysts note that while the Nifty is attempting to maintain its position above 24,000, the mixed global and domestic cues contribute to its vulnerability. Investors are advised to adhere to strict risk management practices as the market navigates these uncertain conditions.

“Technically, the index is trying to defend 24,000 level on a closing basis, but the overall trend remains weak and vulnerable to further downside,” a market analyst stated, highlighting the cautious sentiment prevailing among traders.

As the market continues to react to various economic indicators, the focus remains on maintaining a disciplined trading strategy to mitigate risks in this challenging environment.

Key Insight

“The index faces immediate resistance at the 24,150-24,250 zone, which coincides with multiple technical hurdles. Analysts advise a stock-specific approach based on sectoral performance, with strict risk and position management, as downside targets point to 23,900-23,800.”