In the previous trading session, NIFTY opened on a positive note, showing some strength with a series of higher tops and higher bottoms on the intraday chart. The index breached the 24,300 level in early trade and briefly regained the 24,400 mark. However, it struggled to break through the crucial 24,500 level, encountering profit-booking pressures that led it to close just below 24,350.
Despite this positive start, caution remains essential as no clear reversal signal has emerged on the technical charts. NIFTY faces a strong resistance zone between 24,500 and 24,600, suggesting that any sustained upward momentum may face challenges within this range. In this context, initiating fresh long positions is advisable only above 24,600, where a breakout could signal a more definitive trend shift.
On the downside, 24,000 serves as a critical support level; a breach below this could lead to further declines, with the next significant support positioned at the 200-day exponential moving average (200DEMA) near 23,475. Traders are advised to maintain a cautious stance until a clearer directional trend is established.
Open | 24251 |
High | 24492 |
Low | 24134 |
Close | 24339 |
S 1 | 24151 |
S 2 | 23964 |
R 1 | 24509 |
R 2 | 24679 |
Action | SL | TGT |
---|---|---|
Buy above 24510 | 24424 | 24650 |
Sell below 24125 | 24201 | 24000 |