Nifty Spot View: Can 24495–24460 Support Zone Drive The Next Upside Move?

Nifty closed at 24,570.65 and continues to trade above its medium-term moving averages, indicating that the broader trend remains positive. For today's session, traders should closely watch the 24,495–24,460 support zone, which is expected to act as the key battleground between buyers and sellers.

Nifty Key Levels For Today

CMP: 24,570.65
20-Hour EMA: 24,577
40-Hour EMA: 24,520
20-Day EMA: 24,313
40-Day EMA: 24,165

Support & Downside Levels

• 24,495 – 24,460
• 24,425
• 24,300

Resistance & Upside Levels

• 24,745 – 24,800
• 24,840 – 24,936
• 25,074

Intraday Trading Strategy

The immediate focus remains on the 24,495–24,460 support zone. Price action around this area is likely to determine the intraday direction for Nifty.

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Bullish Scenario

If the support zone of 24,495–24,460 holds on a sustained basis after opening, buyers may attempt to push Nifty higher towards 24,745–24,800. A breakout above this resistance band could extend gains towards 24,840–24,936 and potentially 25,074.

Bearish Scenario

If Nifty breaks below the 24,495–24,460 support zone on a sustained basis, profit booking may intensify. In that case, the index could decline towards 24,425 initially, with further downside potential extending towards the 24,300 zone.

EMA Analysis

Nifty is trading very close to its 20-Hour EMA of 24,577 while remaining comfortably above its 40-Hour EMA of 24,520. More importantly, the index continues to hold above both the 20-Day EMA (24,313) and 40-Day EMA (24,165), indicating that the broader trend remains constructive despite short-term volatility.

Technical Outlook

The market structure continues to favor a buy-on-dips approach as long as key support levels remain intact. Traders should focus on price behaviour around the support zone rather than anticipating direction prematurely. Sustained trading above support could encourage fresh momentum, while a breakdown may trigger short-term weakness.

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Investor Takeaway

Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that the 24,495–24,460 zone remains the most critical support area for today's session. Holding above this zone could pave the way for a move towards higher resistance levels, while a breakdown may invite short-term selling pressure.

Traders should maintain disciplined risk management and align their positions with price action around the identified support and resistance zones.

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