Nifty is indicating a gap down opening near the 24050 resistance zone, where the market is currently facing rejection after a recent upside move, suggesting a possible consolidation or pullback phase unless it sustains above key levels. If the market absorbs the gap down and holds above 24050, a bullish continuation can be expected where long positions can be considered above 24050 with targets of 24150, 24200, and 24250+, confirming strength and breakout continuation. On the downside, if the market fails to sustain and slips below 23950–23900, selling pressure may build where short positions can be considered with targets of 23850, 23800, and 23750, and further breakdown below 23750 can accelerate downside towards 23650, 23600, and 23550.
There is also a reversal zone around 23750–23800 where buyers may attempt a bounce, making it an important support to watch. Key levels remain resistance at 24050 and 24250, and support at 23950, 23750, and 23550. For opening strategy, if gap down sustains above 24050, expect strength and possible breakout, but if price rejects and trades below 23950, bearish continuation is more likely; avoid immediate trades and wait for the first 15-minute confirmation. This setup is again a trap zone where early buyers can get trapped at resistance or early sellers can get trapped on reversal, so trade strictly based on level confirmation with proper stop loss and trailing discipline.
There is also a reversal zone around 23750–23800 where buyers may attempt a bounce, making it an important support to watch. Key levels remain resistance at 24050 and 24250, and support at 23950, 23750, and 23550. For opening strategy, if gap down sustains above 24050, expect strength and possible breakout, but if price rejects and trades below 23950, bearish continuation is more likely; avoid immediate trades and wait for the first 15-minute confirmation. This setup is again a trap zone where early buyers can get trapped at resistance or early sellers can get trapped on reversal, so trade strictly based on level confirmation with proper stop loss and trailing discipline.
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📈 Trade Smarter with TradZoo!
📣 Telegram: t.me/tradzooIndex
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📣 Forex Telegram: t.me/tradzoofx
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.