Our Services Are

Yesterday, NIFTY opened on a negative note and started the session below the 24,300 mark. Thereafter, the index continued to form lower tops and lower bottoms on the intraday chart. Selling pressure intensified in the last few minutes of trade as NIFTY slipped below 24,200, and it eventually closed just above 24,150.

NIFTY has now fallen below the 50-DEMA and 10-DEMA, with the 10-DEMA placed near 24,200, indicating weakness in the short-term trend. Therefore, one should remain cautious. If NIFTY starts trading below 24,150, the weakness could extend towards 24,000.

On the upside, the 24,300–24,400 zone will act as an important resistance area. Hence, fresh long positions should be considered only on a decisive breakout above 24,400.