The Nifty is expected to open higher and approach the psychological 25,000 mark tomorrow, August 25, following a significant speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole event on Friday. Powell’s remarks, signaling that the time has come for interest rate adjustments in the U.S., triggered a rally in the U.S. markets, with the S&P 500 and Nasdaq surging near record highs.
The Nifty 50 on Friday ended at 24,823,15 and Sensex ended at 81,086. The Nifty Bank however slipped in the red to end at 50,933 on Friday, August 23.
For the Nifty, the momentum appears strong, with indicators suggesting that the index is likely to reach the 25,000 milestone, buoyed by the positive global cues. The Gift Nifty also ended Friday’s session near the 24,950 mark, further reinforcing expectations of an upward move.
Technical Analysis: Key levels to watch include 24,800, which is seen as critical for sustaining the upward momentum. If this level is breached, a further rise to 24,900-25,000 cannot be ruled out in the coming sessions. On the downside, 24,700 is expected to serve as immediate support, while 24,500 is identified as a crucial support level, according to technical experts.
