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Prediction for Today: The Nifty is likely to open flat to slightly higher around 23,850β23,900. If it holds above 23,880, it could test 24,000β24,200 intraday. A fall below 23,790 may lead to a decline toward 23,500.
Trading Strategy:
Bullish Case: Buy on dips near 23,850 with a stop-loss at 23,700, targeting 24,000β24,200.
Bearish Case: Short below 23,790 with a stop-loss at 23,850, targeting 23,500β23,400.
Key Levels to Watch: Resistance at 24,200β24,370; support at 23,800β23,500.
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Today Nifty
long bull candle on the daily chart, signaling an intact uptrend with momentum. The index is holding above the 23,900β24,000 breakout zone, suggesting strong demand.
Immediate resistance is at 24,400β24,500. A decisive break above 24,400 could push the index toward 24,600β24,800.
Support lies at 24,150, with further support at 24,000. A drop below 24,000 might lead to a correction toward 23,800.
RSI is above 60, indicating bullish momentum but nearing overbought territory, so caution is warranted
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Key Intraday Levels:
Resistance:
R1: 24,200 (Immediate resistance; aligns with recent highs).
R2: 24,432 (Strong resistance; breakout above this could target 24,546).
R3: 24,650 (If bullish momentum continues).
Support:
S1: 23,938 (Critical support; aligns with recent consolidation zone).
S2: 23,788 (Strong demand zone; break below could trigger selling).
S3: 23,500 (Major support if a sharp decline occurs).
