CMP: 24795.75
Moving AVG (EMA) 20 Hour & 40 Hour: 25083 & 25322
Moving AVG (EMA) 20 Day & 40 Day: 25436 & 25192
Support & Downside Range: 24750—24650—24390--24240
Resistance & Upside Range: 25160—25280--25490
Short Term Trend Reversal Level: --
Trading View Summary:
• Market breath is extreme over sold right now but on a RSI point of view still there a room on daily chart that Nifty can give more downside move. So today get short term bottom confirmation for intraday prospective we need a 1hr positive close in nifty candle and a daily close above 25160 spot levels.
• For today's intraday prospective key level to watch is 24750—24650 as support. If this support manage to hold then we have chance to get a short covering bounce which may lead nifty towards 25160 spot levels.
• Whereas after opening if 24750—24650 fails to hold on 30mins to 1hr sustain basis then we may see a more selling pressure in the markets which may lead NIFTY towards 24390 to 24240 and below levels.
• So understand the importance of 24750—24650 support zone here for trading prospective to get an idea of the next trend.