Nifty is expected to open with a gap-down opening as bearish momentum continues after rejection from the 23750 resistance zone. The index is currently trading near the important 23600 support area, and price action around this level will be crucial for today’s movement.
If Nifty sustains below 23750–23700, selling pressure may continue towards 23650, 23600, and 23500 levels. Further breakdown below 23450 can trigger sharper downside momentum towards 23350, 23300, and 23250 levels.
On the upside, if the index recovers and sustains above 23750–23800, then a pullback rally towards 23850, 23900, and 23950+ can be expected. However, buyers need strong follow-up momentum above resistance zones to regain bullish control.
Immediate resistance is placed near 23750–23800, while 23500 and 23450 remain important support levels for today’s session. Since the market is opening gap-down with volatile sentiment, traders should avoid aggressive entries during the opening candles and wait for confirmation near key levels. Strict stop loss and trailing profit booking are highly recommended.
If Nifty sustains below 23750–23700, selling pressure may continue towards 23650, 23600, and 23500 levels. Further breakdown below 23450 can trigger sharper downside momentum towards 23350, 23300, and 23250 levels.
On the upside, if the index recovers and sustains above 23750–23800, then a pullback rally towards 23850, 23900, and 23950+ can be expected. However, buyers need strong follow-up momentum above resistance zones to regain bullish control.
Immediate resistance is placed near 23750–23800, while 23500 and 23450 remain important support levels for today’s session. Since the market is opening gap-down with volatile sentiment, traders should avoid aggressive entries during the opening candles and wait for confirmation near key levels. Strict stop loss and trailing profit booking are highly recommended.
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