Can Nifty Hold 24,020 Support to Resume Its Uptrend Today?
About Today's Nifty View
Nifty Spot closed at 24,056. The index is trading comfortably above its 20-Day and 40-Day exponential moving averages, reflecting a positive medium-term trend. However, the index is hovering close to its hourly moving averages, making today's support zone around 24,020–23,945 crucial for determining the next intraday move.
As long as Nifty sustains above the immediate support zone, buyers may continue to dominate. A decisive breakdown below support, however, could trigger profit booking towards lower technical levels.
Technical Highlights
🔹 Spot Close: 24,056
🔹 20-Hour EMA: 24,076
🔹 40-Hour EMA: 24,027
🔹 20-Day EMA: 23,809
🔹 40-Day EMA: 23,802
🔹 Immediate Support: 24,020–23,945
🔹 Next Supports: 23,885–23,784 and 23,650
🔹 Resistance Levels: 24,175, 24,265–24,300 and 24,450
🔹 Short-Term Trend Reversal Level: 23,070
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Technical Snapshot
| Parameter | Observation |
|---|---|
| Trend | Positive above daily EMAs |
| Immediate Support | 24,020–23,945 |
| Resistance | 24,175 → 24,265–24,300 → 24,450 |
| Risk Zone | 23,885–23,784 if support breaks |
The overall technical structure remains constructive. Sustaining above 24,020–23,945 may encourage buying interest towards 24,175 and subsequently 24,265–24,300. Conversely, a sustained move below this support band could expose the index to declines towards 23,885–23,784, with 23,650 acting as the next important support.
Investor Takeaway
Derivative Pro & Nifty Expert Gulshan Khera, CFP®, observes that today's session is likely to revolve around the 24,020–23,945 support zone. Holding above this range could keep the short-term bullish structure intact, while a breakdown may trigger corrective selling. For regular educational market analysis, visit Indian-Share-Tips.com.
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Related Queries on Nifty
🔹 Will Nifty hold the 24,020 support today?
🔹 What are today's important Nifty resistance levels?
🔹 Is Nifty trading above its key EMA levels?
🔹 What is the short-term trend reversal level for Nifty?
🔹 What are the important intraday support zones?
SEBI Disclaimer: This article is for educational purposes only and should not be considered investment or trading advice. Investments in securities are subject to market risks. Please consult a qualified financial adviser before making investment decisions.
