NIFTY experienced a decline at the opening yesterday, breaching the 24600 level in initial trading. A pattern of descending peaks and troughs developed throughout the day, testing the 24500 level. Subsequently, a recovery from lower levels occurred in the final trading hour, resulting in a close marginally above 24600.
Support was observed at the 20-day Exponential Moving Average (DEMA), located near 24470. A breach of this DEMA could potentially trigger further selling pressure, potentially leading to the filling of the May 12th gap and a test of 24165.
Conversely, the range of 24850 to 24950 is anticipated to act as a significant resistance. Consequently, the initiation of new long positions is advised only upon exceeding 24950.
Open | 24733 |
High | 24737 |
Low | 24462 |
Close | 24609 |
S 1 | 24468 |
S 2 | 24328 |
R 1 | 24744 |
R 2 | 24878 |
Action | SL | TGT |
---|---|---|
Buy above 24750 | 24674 | 24900 |
Sell below 24450 | 24526 | 24300 |