Will Nifty Hold The Crucial 24000 Support Zone Or Trigger A Fresh Pullback?
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
- Support zone 24,000–23,950 remains intact.
- Nifty sustains above support after opening.
- Upside targets: 24,205 → 24,313 → 24,405.
- 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
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