Nifty is expected to open with a slightly gap-up bias after yesterday's sharp decline. However, the overall trend remains bearish, and any early pullback should be treated cautiously unless the index reclaims key resistance levels.
The immediate resistance is placed at 23950–24000. If Nifty fails to sustain above this zone, traders can consider short positions with targets of 23850, 23800, and 23750. A decisive breakdown below 23750 will confirm fresh bearish momentum and may extend the decline towards 23650, 23600, and 23550.
On the upside, if Nifty recovers strongly and sustains above 24050, traders can consider long positions with targets of 24150, 24200, and 24250+. The bullish momentum will strengthen only after a sustained move above this resistance zone.
Overall, a slightly gap-up opening is expected, but the index remains under selling pressure. Unless Nifty sustains above 24050 after the initial volatility, traders should prefer selling on rise. Follow strict stop-losses and book profits gradually at each target level.
The immediate resistance is placed at 23950–24000. If Nifty fails to sustain above this zone, traders can consider short positions with targets of 23850, 23800, and 23750. A decisive breakdown below 23750 will confirm fresh bearish momentum and may extend the decline towards 23650, 23600, and 23550.
On the upside, if Nifty recovers strongly and sustains above 24050, traders can consider long positions with targets of 24150, 24200, and 24250+. The bullish momentum will strengthen only after a sustained move above this resistance zone.
Overall, a slightly gap-up opening is expected, but the index remains under selling pressure. Unless Nifty sustains above 24050 after the initial volatility, traders should prefer selling on rise. Follow strict stop-losses and book profits gradually at each target level.
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📣 Forex Telegram: t.me/tradzoofx
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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.