Nifty Intraday Support & Resistance Levels for 28.01.2025

On Monday, Nifty opened with a gap down and faced significant selling pressure. It briefly touched a high of 23,007.45 before falling sharply to the day’s low of 22,786.90, entering the Daily Demand Zone. The index closed at 22,829.15, marking a steep loss of 263 points from the previous close. The Weekly Trend (50 SMA) has now turned negative, aligning with the already negative Daily Trend (50 SMA).

Demand/Support Zones
Near Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Far Support Zone: 21,281.45 (low from 4th June 2024)

Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,050 - 23,105.15
Near Supply/Resistance Zone (15m): 23,288.75 - 23,331.30
Near Supply/Resistance Zone (5m): 23,349.20 - 23,421.25
Far Supply/Resistance Zone (Daily): 23,496.15 - 23,795.20
Far Supply/Resistance Zone (75m): 23,645.05 - 23,726.85
Far Supply/Resistance Zone (Daily): 23,976 - 24,196.45

Outlook
For the first time since reaching its all-time high of 26,277.35 (on 27.09.2024), Nifty has broken and closed below the psychological 23,000 level. With the Weekly Trend turning negative and INDIAVIX surging by 8%, significant volatility is anticipated in the upcoming sessions. The Union Budget 2025 could further amplify market fluctuations.