Bulls and bears slugged it out at the 25000 mark on Monday, a level the Nifty hasn't convincingly tested since the US-Iran war began in late February, when the Nifty traded at 25178.65. Analysts, though, remain bullish on a decisive break above 25000.
The tug-of-war followed a 13% recovery in the Nifty from its 52-week low of 22179.9 on 8 October to 25030.35 on Friday. Nearly 70% of the gains came in the first week of November.
Though markets were open for Muhurat trading on Sunday, cash volumes were tepid at ₹23,275 crore against average daily volume of over ₹1.2 trillion this month. The special session is, therefore, excluded from the analysis.
By noon on Monday, which coincides with the Nifty weekly expiry, the index traded one tenth of a percent down at 24965 .
Markets will remain closed on Tuesday for Diwali-Balipratipada.