India's benchmark stock indices, Nifty and Senex, as long as it stays above the 20-day average or 24,800 and 81,000, respectively, the pullback trend will keep going, according to the analyst.
"On the higher side, the indices (Nifty/Sensex) could move till 25,000/81,800 and 25,125/82,200," said Shrikant Chouhan, head equity research at Kotak Securities. "On the other side, below 24,800/81,000, the uptrend would be vulnerable; traders may prefer to exit from their long positions."
NSE Nifty 50 remains a sell-on rise as long as it remains below 25,100, according to Rupak De, senior technical analyst at LKP Securities.
"On the higher end, the 25,000-25,100 range may act as crucial near-term resistance, where sellers could re-enter. On the lower end, support is placed at 24,800-24,785, below which selling might increase," he said.
A zone of 24,730-24,780 will be considered a strong support area, while on the higher side, it needs to clear the hurdle of 25,000-25,100 to resume an uptrend, said Aditya Gaggar, director of Progressive Share Brokers Pvt.
Market Recap
The benchmark stock indices reversed losses to close higher on Monday, buoyed by financial stocks.
The NSE Nifty 50 closed 84.25 points or 0.34% higher, at 24,936.40 to snap a three-session fall. The S&P BSE Sensex closed 375.61 points or 0.46%, up at 81,559.54, reversing a four-day decline.
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Nifty, Sensex Close Higher As ICICI Bank, ITC Shares Lead: Market Wrap
Money Market
The Indian rupee closed little changed against the US dollar on Monday amid expectations of continued intervention from the Reserve Bank of India.
The rupee closed flat at 83.95 against the US dollar after opening at Rs 83.96 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.95 on Friday.
Rupee Ends Flat Against Dollar Amid Continuous RBI Intervention. Read more on Markets by NDTV Profit.