Nifty is expected to open with a gap up opening near the 24050–24100 zone, indicating a positive start after the previous recovery move from lower levels. The index is currently approaching the important resistance zone around 24250, which will act as the key breakout level for further upside momentum.
If Nifty manages to sustain above 24250 with strong buying momentum, traders can consider long positions above this level. A breakout above 24250 may push the index toward 24350, 24400, and 24450+ levels. Sustaining above this resistance zone could trigger short covering and lead to a stronger upside move.
Another buying opportunity may appear if the index holds the 24050–24100 support zone and forms a reversal pattern. In that case, reversal long positions can be considered around 24050–24100 for targets of 24150, 24200, and 24250+.
On the downside, if the index faces rejection near the 24250–24200 resistance zone and starts trading below it with strong selling pressure, traders may consider short positions in this zone. This could push the index toward 24150, 24100, and 24050 levels.
Further weakness below 23950 may trigger stronger selling pressure in the market. If the index breaks below 23950, traders can consider short positions for targets of 23850, 23800, and 23750 levels.
Since the market is opening with a gap up, traders should avoid aggressive buying immediately at the open and wait for confirmation above the breakout level or rejection near resistance. Maintain strict stop loss and follow trailing stop loss with partial profit booking at each target as intraday volatility may remain high.
If Nifty manages to sustain above 24250 with strong buying momentum, traders can consider long positions above this level. A breakout above 24250 may push the index toward 24350, 24400, and 24450+ levels. Sustaining above this resistance zone could trigger short covering and lead to a stronger upside move.
Another buying opportunity may appear if the index holds the 24050–24100 support zone and forms a reversal pattern. In that case, reversal long positions can be considered around 24050–24100 for targets of 24150, 24200, and 24250+.
On the downside, if the index faces rejection near the 24250–24200 resistance zone and starts trading below it with strong selling pressure, traders may consider short positions in this zone. This could push the index toward 24150, 24100, and 24050 levels.
Further weakness below 23950 may trigger stronger selling pressure in the market. If the index breaks below 23950, traders can consider short positions for targets of 23850, 23800, and 23750 levels.
Since the market is opening with a gap up, traders should avoid aggressive buying immediately at the open and wait for confirmation above the breakout level or rejection near resistance. Maintain strict stop loss and follow trailing stop loss with partial profit booking at each target as intraday volatility may remain high.
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📈 Trade Smarter with TradZoo!
📣 Telegram: t.me/tradzooIndex
📣 Forex Telegram: t.me/tradzoofx
📲 Mobile App: tradzoo.com/download
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🔗 Website: bit.ly/tradzoopage
📣 Telegram: t.me/tradzooIndex
📣 Forex Telegram: t.me/tradzoofx
📲 Mobile App: tradzoo.com/download
📲 Forex App:tradzoo.com/forex/download
🔗 Website: bit.ly/tradzoopage
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.