Nifty Spot View Today: Will 23,940–24,020 Decide The Next Intraday Move?
Current Market Snapshot
Current Nifty Spot: 23,869.60
20-Hour EMA: 23,996
40-Hour EMA: 24,064
20-Day EMA: 24,063
40-Day EMA: 23,993
Current Nifty Spot: 23,869.60
20-Hour EMA: 23,996
40-Hour EMA: 24,064
20-Day EMA: 24,063
40-Day EMA: 23,993
Important Trading Levels
Support Zones
• 23,805 – 23,745 (Immediate Support)
• 23,630 (Next Support)
• 23,569 – 23,440 (Major Support Zone)
Resistance Zones
• 23,940 – 24,020 (Key Resistance)
• 24,085 – 24,135 (Strong Resistance)
• 24,175 (Higher Resistance)
• 23,805 – 23,745 (Immediate Support)
• 23,630 (Next Support)
• 23,569 – 23,440 (Major Support Zone)
Resistance Zones
• 23,940 – 24,020 (Key Resistance)
• 24,085 – 24,135 (Strong Resistance)
• 24,175 (Higher Resistance)
Intraday Trading View
The Nifty continues to trade below its short-term and medium-term moving averages, indicating that bears still have near-term control of the market.
Bullish Scenario
If Nifty manages to move above 23,940–24,020 and sustains above this zone, the ongoing selling pressure may temporarily ease. Such a move could trigger a recovery towards 24,085–24,135, with 24,175 acting as the next resistance level.
Bearish Scenario
Failure to reclaim the 23,940–24,020 resistance zone may invite fresh selling pressure. In that case, Nifty could retest the 23,805–23,745 support zone. A decisive break below this region may open the door for a decline towards 23,630 and subsequently 23,569–23,440.
If Nifty manages to move above 23,940–24,020 and sustains above this zone, the ongoing selling pressure may temporarily ease. Such a move could trigger a recovery towards 24,085–24,135, with 24,175 acting as the next resistance level.
Bearish Scenario
Failure to reclaim the 23,940–24,020 resistance zone may invite fresh selling pressure. In that case, Nifty could retest the 23,805–23,745 support zone. A decisive break below this region may open the door for a decline towards 23,630 and subsequently 23,569–23,440.
Investor Takeaway
The 23,940–24,020 zone is the key level to monitor today. A sustained move above this resistance could provide a short-term relief rally, while failure to cross it may keep the prevailing downtrend intact. Traders should remain disciplined and avoid aggressive positions until Nifty confirms its next directional move.
Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Disclaimer: This analysis is for educational and informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Please consult a SEBI-registered investment adviser before making investment decisions.
Disclaimer: This analysis is for educational and informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Please consult a SEBI-registered investment adviser before making investment decisions.
