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NIFTY Multi-Timeframe Analysis
As per the current NIFTY chart, the 15-minute timeframe is Down trend, while the index is taking support from the 1-hour timeframe near 23,920. Therefore, we can expect a technical bounce from this support zone.
Key Levels to Watch:
Immediate Resistance (5-Min): 24,030–24,040
* If NIFTY fails to sustain above 24,040 and gets rejected from this zone, it may decline towards the 2-hour and 3-hour support levels at 23,800–23,700.
* On the other hand, if NIFTY holds above 24,040 with strength, the next upside levels are:
15-minute Resistance: 24,130
1-hour Resistance: 24,200–24,270
📌 Trading Plan:
We will wait for the market opening and price confirmation before taking any trade. Our decisions will be based on how NIFTY behaves around these key support and resistance levels.
Nifty: Currently 5min = Lower Low and 15min support @24023.
5min resistance is 24150. Holding above 24150 = uptrend rejoining.
If rejected at 24150 and fails to hold, then 15min support 24023 may break.
Next targets: Hourly support 23900, 2hr support 23700, 23630 simultaneously.
If it holds above 24150, then next target opens at 24277+.
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