Nifty is expected to open with a gap-down opening near the 23400 zone, reflecting continued weakness after the recent sharp decline. The index remains under selling pressure and is currently trading below key resistance levels, keeping the overall short-term sentiment negative.
For the bullish scenario, Nifty needs to reclaim and sustain above the 23500–23550 zone to attract fresh buying interest. A successful breakout can trigger a recovery move towards 23650, 23700, and 23750+ levels. Traders can consider long positions only after confirmation of strength above the resistance zone.
On the downside, 23450 remains the immediate resistance level, while sellers are likely to stay active below this zone. Any breakdown below 23400 may accelerate selling pressure towards 23350, 23300, and 23250 levels. If 23250 is breached, further downside towards 23150, 23100, and 23050 levels cannot be ruled out. Traders should maintain strict stop-loss discipline and focus on trend-following trades.
For the bullish scenario, Nifty needs to reclaim and sustain above the 23500–23550 zone to attract fresh buying interest. A successful breakout can trigger a recovery move towards 23650, 23700, and 23750+ levels. Traders can consider long positions only after confirmation of strength above the resistance zone.
On the downside, 23450 remains the immediate resistance level, while sellers are likely to stay active below this zone. Any breakdown below 23400 may accelerate selling pressure towards 23350, 23300, and 23250 levels. If 23250 is breached, further downside towards 23150, 23100, and 23050 levels cannot be ruled out. Traders should maintain strict stop-loss discipline and focus on trend-following trades.
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