Yesterday, NIFTY opened almost flat but failed to sustain at higher levels and witnessed profit booking. The index slipped below the 24,200 mark, found support near 24,150, and eventually closed just below 24,200.
NIFTY continues to consolidate above the 10-DEMA and 20-DEMA, which are placed near 24,150 and 24,085, respectively, indicating that the short-term trend remains positive. As long as the index sustains above these key moving averages, long positions can be maintained with a protective stop-loss below 24,000.
On the upside, NIFTY faces immediate resistance in the 24,300–24,400 zone. A decisive breakout and sustained move above 24,400 could strengthen bullish momentum and pave the way for an advance towards 24,650.
| Open | 24216 |
| High | 24262 |
| Low | 24135 |
| Close | 24187 |
| S 1 | 24128 |
| S 2 | 24068 |
| R 1 | 24254 |
| R 2 | 24321 |
| Action | SL | TGT |
|---|---|---|
| Buy above 24275 | 24200 | 24425 |
| Sell below 24000 | 24100 | 23800 |