Trade Setup For Oct 17: Nifty May Retest 25,700 After Breakout; Support At 25,450

Trade Setup For Oct 17: Nifty May Retest 25,700 After Breakout; Support Seen at 25,450 (Photo: Envato) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The NSE Nifty 50 has broken above the September swing high and it will likely test the calendar-year high of 25,700 with last month's swing high of 25,450 as the support, according to analysts.

After more than a year of consolidation, the breakout signals that the bulls are back in command and potentially setting the stage for a strong performance in the near term, according to Rajesh Bhosale, equity technical analyst at Angel One. "The Nifty now appears poised to retest the calendar year high around 25,700, followed by the 26,000 mark, and eventually the all-time high near 26,300."

The daily chart indicates that Nifty has