On Thursday, Nifty opened flat to negative, briefly touched a high of 23,689.50, and then dropped sharply to 23,503.05, entering the 30-minute demand zone. It eventually closed at 23,526.50, losing 162 points over the previous close. While the Weekly Trend (50 SMA) remains sideways, the Daily Trend (50 SMA) has shifted to negative, signalling a growing bearish momentum.
Demand/Support Zones
Near Demand/Support Zone (30m): 23,496.15 - 23,559.20 (tested)
Near Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,966.95 - 24,054.30
Near Supply/Resistance Zone (15m): 24,164.90 - 24,210.30
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45 (tested)
Far Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
Outlook
Nifty’s intraday action reflects increased selling pressure, with a dip into a minor demand zone. A breakdown below 23,496 could accelerate the bearish momentum.
Demand/Support Zones
Near Demand/Support Zone (30m): 23,496.15 - 23,559.20 (tested)
Near Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,966.95 - 24,054.30
Near Supply/Resistance Zone (15m): 24,164.90 - 24,210.30
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45 (tested)
Far Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
Outlook
Nifty’s intraday action reflects increased selling pressure, with a dip into a minor demand zone. A breakdown below 23,496 could accelerate the bearish momentum.
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