Nifty weekly expiry analysis for 02/01/2025.
Tomorrow is nifty first weekly expiry of the year.
A consolidation is going on in the index and today also it closed in a range.
If there is break out of the trendline on the upper side, chances of market retesting 24k levels are high.
In case of a fail and market trading downside, a trend downside possibilities are there.
20-EMA and 50-EMA are acting as a resistance and once cleared higher EMAs can be tested.
Option buyer be cautious of the expiry premium decay. Only trade the momentum.
Major levels
Upper resistance :- 24850, 24080
Lower support :- 23550, 23330.
A consolidation is going on in the index and today also it closed in a range.
If there is break out of the trendline on the upper side, chances of market retesting 24k levels are high.
In case of a fail and market trading downside, a trend downside possibilities are there.
20-EMA and 50-EMA are acting as a resistance and once cleared higher EMAs can be tested.
Option buyer be cautious of the expiry premium decay. Only trade the momentum.
Major levels
Upper resistance :- 24850, 24080
Lower support :- 23550, 23330.
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