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*Nifty (Cash) On Downward Side 24140 - 24106 - 24078 Will Act As Major Support Zone*
*Nifty (Cash) On Upward Side 23958 - 24011 Will Act As Major Resistance Zone*
*Nifty (Cash) Technical:*
*On Upward Side 24137 - 24166 - 24187 Will Act As Major Resistance Zone. Fresh Relief Rally Possible Only Above This Zone*
Nifty (Cash) Technical: (MEDIUM TERM)
After registering a significant top at 26,373, the Nifty (Cash) index underwent a steep corrective phase, shedding approximately 4,200 points to test the 22,182 mark. This intense supply pressure drove the index into deeply oversold territory. However, upon testing the vicinity of its medium-term support zone, the benchmark witnessed renewed buying interest, triggering a much-needed relief rally.
Current Market Structure
From a medium-term perspective, the Nifty is currently consolidating within a broad equilibrium band defined by the 23,100 to 24,700 levels. The market is digesting the recent volatility and establishing a base.
On the shorter-term timeframes, immediate resistance is clustered around the 23,475 – 23,590 zone. A decisive daily close above this structural hurdle is the critical catalyst required to absorb overhead supply and ignite fresh upward momentum.
Strategic Outlook and Action Plan
Our broader technical bias remains decisively POSITIVE, contingent upon the index sustaining the pivotal support level at 23,100 on a closing basis. As long as this floor holds, the primary uptrend remains structurally intact.
We recommend deploying capital through a staggered accumulation strategy:
* Initiate fresh long exposures upon a confirmed breakout and close above the 23,475 – 23,590 resistance band.
* Scale up exposure once the index successfully conquers the upper boundary of the equilibrium zone at 24,700.
This phased approach mitigates risk while positioning portfolios for a projected medium-to-long-term upside objective of 31,450 and beyond.
INDIA GDP QUARTERLY (YOY) (Q4) ACTUAL: 7.8% VS 7.8% PREVIOUS; EST 7.2%
*Nifty 23451 - 23473 Major Resistance Zone Fresh Rally Only Above This Zone*
*On Downward Side 23370 - 23291 Major Support Zone*
*Nifty (Cash) Technical:*
*On Downward Side 23869 - 23837 - 23797 Will Act As Major Support Zone. Fresh Supply Possible Only Below This Zone*
*On Upward Side 23972 - 24011 - 24046 Will Act As Major Resistance Zone Fresh Rally Only Above This Zone*
Nifty 23590 - 23614 Major Resistance Zone Fresh Rally Above This Zone
Nifty 23306 - 23241 Intraday Major Support Zone
On Upward Side 23376 - 23444 Resistance Zone
*Nifty (Cash) Technical:*
*Nifty (Cash) 23586 - 23515 Major Support Zone Bounce Possible Vicinity Of This Zone*
*If Panic Comes Nifty (Cash) Short Term Major Support Zone Located At 23420 - 23294 Where We Are Expecting Current Sell Off May Take PAUSE And Start Fresh Upward Momentum*
*Be Careful In Short Position Near Support Zone*
*Nifty (Cash) Technical:*
*On Downward Side 23830 - 23807 Major Support Zone Below It Further Supply Pressure Possible Upto 23692 === 23544 === 23295*
*On Upward Side 23951 - 23990 Will Act As Major Resistance Zone Fresh Relief Rally Possible Only Above This Zone*
*Nifty (Cash) Technical:*
*On Upward Side 24278 - 24322 - 24391 Will Act As Major Resistance Zone. Fresh Upward Rally Possible Only Above This Zone*
*On Downward Side 24132 - 24101 - 24068 Below Profit Booking Possible*
