NIFTY INDIA DEFENCE INDEX ANALYSIS AND EXPECTED FUTURE MOVEMENTS

After giving a positive closing every day from 11 April to 23rd April 2025 Nifty India defence index started consolidating On 29th April 2025, it broke the resistance level on 6960, and it rose 5.03% Again, from 30th April, it has started consolidating range from 7350 and 6960 levels, acting as a support and resistance level respectively On 8th May, it gave its closing below the support level of 6960 But yesterday, a bounce back was seen, and it closed above the level of 6960 which was now acting as a resistance level, as support and resistance are interchangeable once broken Yesterday, the index rose 3.04% An impressive rally has been seen in the stock sector ON 9th April

RISE 8.37% 8.15% 6.35% BDL 5.79% The index is trading above 20 moving average and it may act as an important support level The further rise may be seen It may touch the level of 7356