Nifty is expected to open with a slight gap-up bias near the 23200–23225 zone. Despite recent volatility, the index is holding above the crucial 23200 support area, indicating that buyers are still defending lower levels. However, sustained buying will be required for a stronger upside move.
For today's session, 23250 remains the key breakout level. A sustained move above 23250 can trigger fresh buying momentum towards 23400, 23450, and 23500+ levels. Traders can consider CE positions only after a confirmed breakout above this resistance zone.
On the downside, 23250–23200 will act as the immediate support area. If Nifty fails to hold this zone, selling pressure may increase and drag the index towards 23150, 23100, and 23000 levels. A decisive breakdown below 23000 could further extend weakness towards lower levels.
Overall, the trend remains range-bound with a mildly positive bias due to the expected gap-up opening. Traders should wait for confirmation near the key levels before taking positions and maintain strict stop-losses with partial profit booking at every target.
For today's session, 23250 remains the key breakout level. A sustained move above 23250 can trigger fresh buying momentum towards 23400, 23450, and 23500+ levels. Traders can consider CE positions only after a confirmed breakout above this resistance zone.
On the downside, 23250–23200 will act as the immediate support area. If Nifty fails to hold this zone, selling pressure may increase and drag the index towards 23150, 23100, and 23000 levels. A decisive breakdown below 23000 could further extend weakness towards lower levels.
Overall, the trend remains range-bound with a mildly positive bias due to the expected gap-up opening. Traders should wait for confirmation near the key levels before taking positions and maintain strict stop-losses with partial profit booking at every target.
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📈 Trade Smarter with TradZoo!
📣 Telegram: t.me/tradzooIndex
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📲 Mobile App: tradzoo.com/download
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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.