Market Recap:
On Wednesday, Nifty opened gap-up, dipped to a low of 22,807.95, and then rallied to a high of 22,940.70, entering the 75m Supply Zone (22,915.30 - 23,049.95). It closed at 22,907.60, gaining 73 points over the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) has turned sideways from negative.
Demand/Support Zones
Near Demand/Support Zone (30m): 22,770.35 - 22,798.30
Near Demand/Support Zone (15m): 22,697.75 - 22,736.30
Far Demand/Support Zone (Daily): 21,964.60 - 22,261.55
Far Support: 21,281.45 (Low of 4th June 2024)
Far Demand/Support Zone (Daily): 20,769.50 - 20,950
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 22,915.30 - 23,049.95 (Tested)
Far Supply/Resistance Zone (125m): 23,144.05 - 23,235.50
Far Supply/Resistance Zone (125m): 23,316.30 - 23,409.65
Far Supply/Resistance Zone (Weekly): 23,222 - 23,807.30
Outlook
As expected, Nifty held the Daily Demand Zone and rallied past the 50% retracement level (22,885.95). The short-term trend remains bullish, and if the momentum sustains, Nifty could extend the rally towards 23,103 or even the Weekly Supply Zone at 23,222 in the coming days.
🚨 However, caution is advised as Nifty has touched the 75m Supply Zone today, which may lead to some selling pressure.
On Wednesday, Nifty opened gap-up, dipped to a low of 22,807.95, and then rallied to a high of 22,940.70, entering the 75m Supply Zone (22,915.30 - 23,049.95). It closed at 22,907.60, gaining 73 points over the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) has turned sideways from negative.
Demand/Support Zones
Near Demand/Support Zone (30m): 22,770.35 - 22,798.30
Near Demand/Support Zone (15m): 22,697.75 - 22,736.30
Far Demand/Support Zone (Daily): 21,964.60 - 22,261.55
Far Support: 21,281.45 (Low of 4th June 2024)
Far Demand/Support Zone (Daily): 20,769.50 - 20,950
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 22,915.30 - 23,049.95 (Tested)
Far Supply/Resistance Zone (125m): 23,144.05 - 23,235.50
Far Supply/Resistance Zone (125m): 23,316.30 - 23,409.65
Far Supply/Resistance Zone (Weekly): 23,222 - 23,807.30
Outlook
As expected, Nifty held the Daily Demand Zone and rallied past the 50% retracement level (22,885.95). The short-term trend remains bullish, and if the momentum sustains, Nifty could extend the rally towards 23,103 or even the Weekly Supply Zone at 23,222 in the coming days.
🚨 However, caution is advised as Nifty has touched the 75m Supply Zone today, which may lead to some selling pressure.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.