The Week Ahead for Nifty: Trends and Insights

23 Ara 2024

Last week, the Nifty index faced strong selling pressure, driven by various global economic factors.

◉ Current Scenario
● At present, the Nifty is trading near its 200 EMA, just above 23,500, a level with high put writer concentration, indicating potential support.

● Conversely, the 24,000 level will act as an immediate resistance due to the high number of Call contracts open at that position.


◉ Expected Market Movement
● This week is likely to be muted for the Nifty.
● If the index slips below 23,400, the next support level will be 23,000.
● A major upward move is expected only if the Nifty surpasses 24,800.