Our Services Are

Yesterday, NIFTY opened on a positive note but failed to sustain above the 24,100 mark. The index witnessed profit booking in the afternoon session, and selling pressure intensified once it slipped below 24,000. NIFTY subsequently breached the 23,900 level, tested 23,800 during intraday trade, and eventually closed just above 23,800.

NIFTY has now broken below the 10-DEMA, placed near 23,850. The 20-DEMA, positioned around 23,750, will now act as an important support level. A sustained move below 23,750 could trigger further weakness and drag the index towards 23,630, which corresponds to the 50% retracement of the recent up-move from 23,072 to 24,189.

On the upside, the 24,000–24,200 zone will act as an important resistance area. Fresh long positions should be considered only on a decisive breakout above 24,200.