Dalal Street Week Ahead: Profit taking time? Nifty faces key hurdle after 3-week rally

The markets have paused at a critical point. The Nifty has closed above the 50-DMA, currently at 24,548, and is just below the 100-DMA at 24,707. This level also aligns with the 20-week MA at 24,720 on the weekly chart. Therefore, unless the Nifty closes significantly above 24,720, the 24,700-24,750 range should be considered an immediate key resistance for the markets on a closing basis.