Yesterday, NIFTY opened on a negative note, slipping below the 23,300 level in early trade. It exhibited a pattern of lower tops and lower bottoms throughout the session, ultimately closing below the 23,100 mark.
NIFTY continues to form lower tops and lower bottoms and has breached the November low of 23,263. This breakdown suggests caution, as further weakness could push NIFTY toward the 22,650 level.
On the upside, the 23,400 - 23,500 range will act as a critical resistance zone. Fresh long positions should only be considered if NIFTY sustains above this range.
Open | 23195 |
High | 23340 |
Low | 23047 |
Close | 23085 |
S 1 | 22975 |
S 2 | 22864 |
R 1 | 23268 |
R 2 | 23451 |
Action | SL | TGT |
---|---|---|
Buy above 23350 | 23250 | 23550 |
Sell below 23040 | 23126 | 22875 |