Nifty 50 is expected to open with a gap-down bias near the 23800–23850 zone after facing profit booking from higher levels in the previous session. Despite the recent weakness, the broader trend remains positive as the index continues to trade above major support levels. Traders should watch the opening range carefully, as volatility may increase around key support zones.
For today's session, 23750–23800 remains the immediate support and reversal buying zone. If Nifty sustains above this area and attracts fresh buying interest, it can move towards 23850, 23900, and 23950+ levels. A strong breakout above 24050 may further strengthen bullish momentum and open the path towards 24150, 24200, and 24250+ levels.
On the downside, 23950–23900 acts as the primary resistance-based shorting zone. Failure to sustain above this range may trigger selling pressure towards 23850, 23800, and 23750 levels. If the index breaks below the crucial 23750 support, bearish momentum could intensify, leading to a decline towards 23650, 23600, and 23550 levels.
Overall, the market structure remains cautiously bullish despite the expected gap-down opening. Traders should focus on price action around the 23750–23800 support zone for potential reversal opportunities. Maintaining disciplined stop-losses and booking partial profits near target levels is advisable, especially as the market approaches important resistance zones.
For today's session, 23750–23800 remains the immediate support and reversal buying zone. If Nifty sustains above this area and attracts fresh buying interest, it can move towards 23850, 23900, and 23950+ levels. A strong breakout above 24050 may further strengthen bullish momentum and open the path towards 24150, 24200, and 24250+ levels.
On the downside, 23950–23900 acts as the primary resistance-based shorting zone. Failure to sustain above this range may trigger selling pressure towards 23850, 23800, and 23750 levels. If the index breaks below the crucial 23750 support, bearish momentum could intensify, leading to a decline towards 23650, 23600, and 23550 levels.
Overall, the market structure remains cautiously bullish despite the expected gap-down opening. Traders should focus on price action around the 23750–23800 support zone for potential reversal opportunities. Maintaining disciplined stop-losses and booking partial profits near target levels is advisable, especially as the market approaches important resistance zones.
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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.