Will Nifty Hold 24,350 Support And Move Higher?
About Today's Nifty Spot View
Nifty is positioned above its key hourly and daily exponential moving averages, keeping the immediate technical structure constructive. With spot at 24,383.60, the most important level for today's intraday session is 24,350. Sustaining above this support can keep the door open for an advance towards 24,505 and higher levels, while failure to hold it could trigger a pullback towards 24,225.
Nifty is positioned above its key hourly and daily exponential moving averages, keeping the immediate technical structure constructive. With spot at 24,383.60, the most important level for today's intraday session is 24,350. Sustaining above this support can keep the door open for an advance towards 24,505 and higher levels, while failure to hold it could trigger a pullback towards 24,225.
Nifty Key Levels For Today's Trading Session
Nifty Spot CMP: 24,383.60
Support & Downside Levels:
Support & Downside Levels:
- 24,350 — Immediate and most important support.
- 24,225 — Next downside level if 24,350 fails.
- 24,140 — Lower support zone.
- 24,505 — Immediate upside resistance.
- 24,591 — Second resistance.
- 24,677 — Higher upside level.
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Nifty Is Trading Above All Four Key EMAs
The moving-average structure remains an important technical positive.
Hourly EMAs:
- 20-Hour EMA: 24,283
- 40-Hour EMA: 24,193
- 20-Day EMA: 24,103
- 40-Day EMA: 24,030
24,350 Is Today's Decision Level
The most important intraday level is 24,350.
Nifty's CMP of 24,383.60 places the index only around 34 points above this support.
Therefore, what happens around 24,350 after the opening could determine the initial directional setup.
If 24,350 sustains:
The index can attempt an upside move towards 24,505. A sustained breakout above 24,505 could subsequently bring 24,591 and 24,677 into focus.
If 24,350 fails:
The immediate bullish setup weakens and Nifty could pull back towards 24,225. Further weakness could expose the lower 24,140 support.
The index can attempt an upside move towards 24,505. A sustained breakout above 24,505 could subsequently bring 24,591 and 24,677 into focus.
If 24,350 fails:
The immediate bullish setup weakens and Nifty could pull back towards 24,225. Further weakness could expose the lower 24,140 support.
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Trade the levels after confirmation rather than anticipating the breakout or breakdown.
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Trade the levels after confirmation rather than anticipating the breakout or breakdown.
Bullish Scenario: 24,350 Holds
If Nifty opens and successfully sustains above 24,350, the intraday structure remains favourable for an upside attempt.
The progression to monitor would be:
24,350 Holds → 24,505 → 24,591 → 24,677
The first important test is 24,505. A move towards the higher resistance levels becomes relevant only if the index successfully negotiates this immediate hurdle.
24,350 Holds → 24,505 → 24,591 → 24,677
The first important test is 24,505. A move towards the higher resistance levels becomes relevant only if the index successfully negotiates this immediate hurdle.
Bearish Scenario: 24,350 Fails
If Nifty fails to sustain the 24,350 support, traders should be alert to the possibility of a pullback.
The downside progression would then become:
Below 24,350 → 24,225 → 24,140
The 24,225 level becomes the first significant downside reference after a failure of the primary support. Importantly, the supplied view does not provide a separate short-term trend-reversal level. Therefore, 24,350 should be treated as the key intraday decision level, rather than being described as a formal short-term trend-reversal level.
Below 24,350 → 24,225 → 24,140
The 24,225 level becomes the first significant downside reference after a failure of the primary support. Importantly, the supplied view does not provide a separate short-term trend-reversal level. Therefore, 24,350 should be treated as the key intraday decision level, rather than being described as a formal short-term trend-reversal level.
Investor & Trader Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that Nifty's technical structure remains constructive while the index trades above its 20-hour, 40-hour, 20-day and 40-day EMAs. For today's intraday session, 24,350 is the decisive support to monitor. Sustaining above it keeps 24,505 as the immediate upside objective, followed by 24,591 and 24,677. Failure to hold 24,350 can instead open a pullback towards 24,225 and potentially 24,140. Traders should therefore allow price action after the opening to confirm which scenario is developing.Read Free content at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Disclaimer: This Nifty Spot View is intended solely for educational and informational purposes. Support, resistance and moving-average levels can fail during volatile market conditions. Nothing contained herein should be interpreted as guaranteed trading outcomes or a recommendation to buy or sell any security or derivative. Trading in futures and options involves substantial risk. Investors and traders should conduct independent analysis and consult a SEBI Registered Investment Adviser where appropriate.
Disclaimer: This Nifty Spot View is intended solely for educational and informational purposes. Support, resistance and moving-average levels can fail during volatile market conditions. Nothing contained herein should be interpreted as guaranteed trading outcomes or a recommendation to buy or sell any security or derivative. Trading in futures and options involves substantial risk. Investors and traders should conduct independent analysis and consult a SEBI Registered Investment Adviser where appropriate.
