Why Is The 23,915–23,850 Zone Critical For Nifty Monthly Expiry?
Nifty enters the monthly expiry session near the psychologically important 24,000 mark. The index is trading around its short-term and long-term exponential moving averages, making the 23,915–23,850 support zone the key technical level that could determine today's market direction.
Nifty Technical Snapshot
| Indicator | Level |
|---|---|
| Current Market Price (CMP) | 23,995.95 |
| 20-Hour EMA | 23,916 |
| 40-Hour EMA | 23,966 |
| 20-Day EMA | 24,031 |
| 40-Day EMA | 23,983 |
Key Support Levels
The most important downside levels for today's expiry session are:
- Primary Support Zone: 23,915 – 23,850
- Secondary Support Zone: 23,809 – 23,740
- Major Positional Support: 23,606 – 23,569
Key Resistance Levels
Immediate resistance levels for today's session are:
- First Resistance: 24,070
- Second Resistance Zone: 24,115 – 24,175
- Major Resistance: 24,250
Intraday Trading Outlook
Bullish Scenario
Bearish Scenario
- Nifty holds above the 23,915–23,850 support zone after opening.
- Buying interest emerges near the hourly EMAs.
- Upside targets remain 24,070 followed by 24,115–24,175 and eventually 24,250.
Bearish Scenario
- A decisive break below 23,850 increases downside risk.
- Selling pressure may extend towards 23,809–23,740.
- Further weakness could expose the 23,606–23,569 support area.
Technical Observation
Nifty is trading very close to both its hourly and daily exponential moving averages, indicating a balanced market structure. With monthly derivatives expiry, volatility may increase significantly as traders adjust their positions. A sustained move beyond either support or resistance is likely to determine the intraday trend.
Investor Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Registered Investment Adviser, observes that the 23,915–23,850 support zone is the defining level for today's monthly expiry session. Holding above this zone could pave the way for a move towards 24,070 and higher resistance levels, while a sustained breakdown may invite fresh selling towards 23,809–23,740. Traders should avoid reacting to early volatility and wait for confirmation before initiating positions.Read more daily Nifty analysis and trading insights at Indian-Share-Tips.com.
Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Disclaimer: This article is intended solely for educational and informational purposes and should not be construed as investment advice or a recommendation to buy or sell any financial instrument. Intraday trading involves significant risk. Investors and traders should consult a SEBI Registered Investment Adviser before making trading decisions.
Disclaimer: This article is intended solely for educational and informational purposes and should not be construed as investment advice or a recommendation to buy or sell any financial instrument. Intraday trading involves significant risk. Investors and traders should consult a SEBI Registered Investment Adviser before making trading decisions.
