Why Is The 23,915–23,850 Zone Critical For Nifty Monthly Expiry?

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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

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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
As long as Nifty sustains above the 23,915–23,850 zone after the opening, buyers may attempt to regain momentum.

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
A sustained move above these levels could strengthen bullish momentum during the monthly expiry session.

Intraday Trading Outlook

Bullish 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.

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