NIFTY50 is currently trading around 24,003, holding above a key support confluence after a strong recovery from the recent bottom. The market has reclaimed the 24,000 psychological level, and price is now testing an immediate resistance zone.
Key Levels
Resistance Levels
24,003.65 – Immediate resistance/current reaction zone
24,068.85 – Major 4H resistance
24,177.90 – Higher 4H resistance and next bullish target
Support Levels
23,973.40 – Daily support
23,959.55 – 4H support
23,824.90 – Major 4H support
Market Structure
The short-term structure remains bullish as price continues to form higher lows after the sharp recovery from the marked 15M–1H bottom. Buyers have successfully defended the 23,973–23,959 support zone, allowing the index to reclaim the 24,000 level.
However, NIFTY50 is now trading directly beneath an important resistance area around 24,003, making this a crucial level for determining the next directional move.
Bullish Scenario 🟢
A sustained move and close above 24,003.65 would strengthen bullish momentum.
The next upside objective would be 24,068.85.
If buyers successfully break and hold above 24,068.85, the rally could extend toward 24,177.90, which is the next major 4H resistance.
Bearish Scenario 🔴
Failure to sustain above 24,003 could result in a pullback toward the 23,973–23,959 support zone.
As long as this support cluster holds, the broader bullish structure remains intact.
A decisive breakdown below 23,959.55 would increase the probability of a deeper correction toward 23,824.90.
Overall Outlook
NIFTY50 is trading at a pivotal resistance while maintaining a positive short-term structure. The 23,973–23,959 zone remains the key support for buyers, whereas 24,003 is the immediate hurdle. A breakout above this resistance would likely shift momentum toward 24,068 and 24,178, while rejection could lead to a healthy retest of support before the next directional move.
Key Levels
Resistance Levels
24,003.65 – Immediate resistance/current reaction zone
24,068.85 – Major 4H resistance
24,177.90 – Higher 4H resistance and next bullish target
Support Levels
23,973.40 – Daily support
23,959.55 – 4H support
23,824.90 – Major 4H support
Market Structure
The short-term structure remains bullish as price continues to form higher lows after the sharp recovery from the marked 15M–1H bottom. Buyers have successfully defended the 23,973–23,959 support zone, allowing the index to reclaim the 24,000 level.
However, NIFTY50 is now trading directly beneath an important resistance area around 24,003, making this a crucial level for determining the next directional move.
Bullish Scenario 🟢
A sustained move and close above 24,003.65 would strengthen bullish momentum.
The next upside objective would be 24,068.85.
If buyers successfully break and hold above 24,068.85, the rally could extend toward 24,177.90, which is the next major 4H resistance.
Bearish Scenario 🔴
Failure to sustain above 24,003 could result in a pullback toward the 23,973–23,959 support zone.
As long as this support cluster holds, the broader bullish structure remains intact.
A decisive breakdown below 23,959.55 would increase the probability of a deeper correction toward 23,824.90.
Overall Outlook
NIFTY50 is trading at a pivotal resistance while maintaining a positive short-term structure. The 23,973–23,959 zone remains the key support for buyers, whereas 24,003 is the immediate hurdle. A breakout above this resistance would likely shift momentum toward 24,068 and 24,178, while rejection could lead to a healthy retest of support before the next directional move.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.