Tuesday’s session saw Nifty opening gap-down due to negative global cues, hitting a low of 22,314.70 before gradually recovering to a high of 22,522.10 by the end of the day. It closed at 22,497.90, gaining 37 points over the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) has turned negative from oversold levels.
Demand/Support Zones
Near Demand/Support Zone (Daily): 21,964.60 - 22,261.55
Far Support: 21,281.45 (Low of 4th June 2024)
Far Demand/Support Zone (Daily): 20,769.50 - 20,950
Supply/Resistance Zones
Near Minor Supply/Resistance Zone (75m): 22,595.90 - 22,676.75
Far Supply/Resistance Zone (Weekly): 23,222 - 23,807.30
Outlook
After making a recent high of 22,676.75 on Monday, Nifty faced selling pressure but managed to recover from 22,314.70 on Tuesday, closing near 22,500, showing some bullish strength. However, the index has not retraced much from its fall between 23,807.30 to 21,964.60. If the Daily Demand Zone support holds, we could see a potential move towards 22,885 or even 23,100 in the coming days.
Demand/Support Zones
Near Demand/Support Zone (Daily): 21,964.60 - 22,261.55
Far Support: 21,281.45 (Low of 4th June 2024)
Far Demand/Support Zone (Daily): 20,769.50 - 20,950
Supply/Resistance Zones
Near Minor Supply/Resistance Zone (75m): 22,595.90 - 22,676.75
Far Supply/Resistance Zone (Weekly): 23,222 - 23,807.30
Outlook
After making a recent high of 22,676.75 on Monday, Nifty faced selling pressure but managed to recover from 22,314.70 on Tuesday, closing near 22,500, showing some bullish strength. However, the index has not retraced much from its fall between 23,807.30 to 21,964.60. If the Daily Demand Zone support holds, we could see a potential move towards 22,885 or even 23,100 in the coming days.
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