Nifty Prediction Today – March 24, 2025: Go long on a break above the immediate resistance

Nifty 50 March Futures (23,562)

Nifty 50 has begun the week on a positive note with a wide gap-up open. The index opened at 23,515.40 and is now trading at 23,518, up 0.72 per cent. The advances/declines ratio is at 39:11. This is positive.

Nifty 50 outlook

The view is bullish. Nifty can rise to 23,700-23,600 in the coming sessions. The price action thereafter will need a close watch. A decisive break above 23,800 will be bullish to see 24,100 on the upside this week.

But a turnaround from 23,800 can drag the Nifty down to 23,500 and lower again. So, the price action around 23,700-23,800 will need a close watch this week.

Nifty 50 Futures

The Nifty 50 March Futures contract (23,562) is up about 0.8 per cent. Immediate resistance is at 23,585. A strong break above it will boost the bullish momentum. Such a break will take the Nifty 50 Futures contract up to 23,850 in the coming sessions.

If the contract fails to breach 23,580, it can fall back to 23,400 and even lower before resuming the upmove.

Trade Strategy

Traders can go long on a break above 23,585. Keep the stop-loss at 23,520. Trail the stop-loss up to 23,620 as soon as the contract goes up to 23, 660. Move the stop-loss further up to 23,685 when the contract touches 23,710. Exit the long positions at 23,740.

Supports: 23,400, 23,200

Resistances: 23,580, 23,850