Nifty is expected to open with a gap-down bias near the 24,000 psychological support zone. Despite the weak opening, the index continues to hold above the key 24050 support area, indicating that buyers may step in if this level sustains. Traders should avoid aggressive positions at the open and wait for confirmation before entering trades.
The immediate support is placed at 24050–24100. If Nifty sustains above this zone after the gap-down opening, traders can consider long positions with targets of 24150, 24200, and 24250. A decisive breakout above 24250 will confirm fresh bullish momentum and may extend the rally towards 24350, 24400, and 24450+.
On the downside, if Nifty slips below 23950, traders can consider short positions with targets of 23850, 23800, and 23750. A sustained breakdown below this level will indicate renewed selling pressure and may accelerate the downside move.
Overall, a gap-down opening near the 24,000 level is expected. As long as Nifty holds above the 24050 support zone, buying on dips remains the preferred strategy. Fresh short positions should only be considered after a confirmed breakdown below 23950, with strict stop-losses and disciplined profit booking at each target level.
The immediate support is placed at 24050–24100. If Nifty sustains above this zone after the gap-down opening, traders can consider long positions with targets of 24150, 24200, and 24250. A decisive breakout above 24250 will confirm fresh bullish momentum and may extend the rally towards 24350, 24400, and 24450+.
On the downside, if Nifty slips below 23950, traders can consider short positions with targets of 23850, 23800, and 23750. A sustained breakdown below this level will indicate renewed selling pressure and may accelerate the downside move.
Overall, a gap-down opening near the 24,000 level is expected. As long as Nifty holds above the 24050 support zone, buying on dips remains the preferred strategy. Fresh short positions should only be considered after a confirmed breakdown below 23950, with strict stop-losses and disciplined profit booking at each target level.
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📈 Trade Smarter with TradZoo!
📣 Telegram: t.me/tradzooIndex
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📣 Forex Telegram: t.me/tradzoofx
📲 Mobile App: tradzoo.com/download
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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.