Nifty is expected to open with a gap down opening near the 23850 zone, indicating continued weakness after the recent selling pressure in the market. The index is currently approaching an important support zone around 23750, which will act as a key level for today's session.
If Nifty continues trading below 23950–23900, traders may consider short positions in this resistance band. A rejection from this zone may push the index toward 23850, 23800, and 23750 levels.
Further weakness below 23750 may trigger stronger selling pressure in the market. If Nifty breaks below 23750, traders can consider short positions for targets of 23650, 23600, and 23550 levels.
On the upside, if the index forms a strong reversal near the 24050–24100 support zone, traders may consider reversal long positions in that range. A recovery from this zone may push the index toward 24150, 24200, and 24250+ levels.
Since the market is opening with a gap down, traders should avoid aggressive selling immediately at the open and wait for confirmation below support or rejection near resistance before entering trades. Maintain strict stop loss and use trailing stop loss with partial profit booking at each target as intraday volatility may remain high.
If Nifty continues trading below 23950–23900, traders may consider short positions in this resistance band. A rejection from this zone may push the index toward 23850, 23800, and 23750 levels.
Further weakness below 23750 may trigger stronger selling pressure in the market. If Nifty breaks below 23750, traders can consider short positions for targets of 23650, 23600, and 23550 levels.
On the upside, if the index forms a strong reversal near the 24050–24100 support zone, traders may consider reversal long positions in that range. A recovery from this zone may push the index toward 24150, 24200, and 24250+ levels.
Since the market is opening with a gap down, traders should avoid aggressive selling immediately at the open and wait for confirmation below support or rejection near resistance before entering trades. Maintain strict stop loss and use 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.