Nifty Analysis:
Support and Upside Targets
Market Recap
- Opening: Nifty opened flat, showing little directional bias at the start.
- Intraday Move: The index was dragged down towards the important support zone of 25,050–25,000
- Bounce: From this support zone, Nifty rebounded and managed to close above 25,080.
Technical Outlook:
Key Support Zone
- Support Range: 25,050–25,000
Significance: This zone has acted as a strong support, with buyers stepping in to defend it.
- Implication: As long as Nifty sustains above this zone, the short-term trend remains positive.
Upside Targets
If Nifty holds above the support:
- Immediate Targets: 25,200 and 25,300 are the next levels to watch for upward momentum.
- Long-Term Targets: 25,500 and 25,700 remain the key targets if the bullish momentum continues.
Summary
- Bullish View: Sustaining above 25,000–25,050 support zone keeps the index in a positive bias.
- Bearish Risk: A decisive break below 25,000 could lead to further downside.
- Strategy: Traders may consider staying long as long as Nifty holds above the support zone, watching for the mentioned targets.
Note: Always use appropriate risk management and monitor for any changes in market sentiment or global cues that may impact index movement.
Support and Upside Targets
Market Recap
- Opening: Nifty opened flat, showing little directional bias at the start.
- Intraday Move: The index was dragged down towards the important support zone of 25,050–25,000
- Bounce: From this support zone, Nifty rebounded and managed to close above 25,080.
Technical Outlook:
Key Support Zone
- Support Range: 25,050–25,000
Significance: This zone has acted as a strong support, with buyers stepping in to defend it.
- Implication: As long as Nifty sustains above this zone, the short-term trend remains positive.
Upside Targets
If Nifty holds above the support:
- Immediate Targets: 25,200 and 25,300 are the next levels to watch for upward momentum.
- Long-Term Targets: 25,500 and 25,700 remain the key targets if the bullish momentum continues.
Summary
- Bullish View: Sustaining above 25,000–25,050 support zone keeps the index in a positive bias.
- Bearish Risk: A decisive break below 25,000 could lead to further downside.
- Strategy: Traders may consider staying long as long as Nifty holds above the support zone, watching for the mentioned targets.
Note: Always use appropriate risk management and monitor for any changes in market sentiment or global cues that may impact index movement.
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.
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.