NIFTY View For 23/05/2025

Manas Jaiswal Research Analyst Image

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.

Nifty Imp Levels For 23/05/2025

Open 24733
High 24737
Low 24462
Close 24609
S 1 24468
S 2 24328
R 1 24744
R 2 24878

Actionable Ideas On Nifty for 23/05/2025

Action SL TGT
Buy above 24750 24674 24900
Sell below 24450 24526 24300
Show Timings
Manas Jaiswal Technical Research Group