Will Nifty Hold The Crucial 24000 Support Zone Or Trigger A Fresh Pullback?

Edit this post

Will Nifty Hold The Crucial 24000 Support Zone Or Trigger A Fresh Pullback?

Nifty Spot View (20 August 2026)
CMP: 24,078.30
20-Hour EMA: 24,162
40-Hour EMA: 24,246
20-Day EMA: 24,312
40-Day EMA: 24,219

Nifty continues to trade below all major hourly and daily exponential moving averages, indicating that bulls still face resistance at higher levels. The index is currently hovering near an important support zone of 24,000–23,950, which is expected to determine the market's near-term direction.

Key Support Levels

  • 24,000 – 23,950 (Immediate Support Zone)
  • 23,850 (Secondary Support)
  • 23,750 (Major Downside Support)

The 24,000–23,950 region remains the most important support area for today's session. A sustained hold above this zone could encourage buyers to re-enter the market and attempt a recovery towards higher resistance levels.

Key Resistance Levels

  • 24,205 (Immediate Resistance)
  • 24,313 (20-Day EMA Zone)
  • 24,405 (Major Resistance)

The first hurdle for bulls remains 24,205. A decisive move above this level may trigger short covering and improve market sentiment. Further strength could push Nifty towards the 24,313 and 24,405 zones.

Intraday Trading Strategy

Bullish Scenario
  • Support zone 24,000–23,950 remains intact.
  • Nifty sustains above support after opening.
  • Upside targets: 24,205 → 24,313 → 24,405.
Bearish Scenario
  • 24,000–23,950 support breaks on a sustained basis.
  • Selling pressure intensifies below support.
  • Downside targets: 23,850 → 23,750.

Since Nifty is trading below key hourly and daily moving averages, traders should closely monitor price action near the support zone before taking aggressive directional positions.

Investor Takeaway

Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that the 24,000–23,950 zone remains the market's immediate battleground. A successful defense by bulls could trigger a relief rally towards 24,205 and higher levels, while a breakdown below support may invite fresh selling pressure towards 23,850 and 23,750.

Read Free content at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.

Disclaimer: This market outlook is for educational and informational purposes only and should not be construed as investment or trading advice. Market conditions can change rapidly. Please consult your financial adviser before making trading decisions.

Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.

Related Posts

Nifty / Bank Nifty Option Tip

Looking to trade intraday Nifty or Bank Nifty options? Our Nifty / Bank Nifty Option Tip shares trading calls with a defined entry, target and stop loss, so you know your risk before you trade. It suits traders who follow the market on a trading screen as well as those who place orders through their broker or by phone. Click on Image or Post Title to Read More.

Latest Video Reviews by Clients

Watch video reviews recorded by our clients about their experience with Indian-Share-Tips.com services, including the Nifty / Bank Nifty Option Tip and Delivery Tip. Click on Image or Post Title to Read More.

Awards and Recognition

See the awards and recognition Indian-Share-Tips.com has received over the years for its work in stock market research and investor education. Click on Image or Post Title to Read More.