Nifty Intraday Support & Resistance Levels for 25.07.2024
On Wednesday, Nifty took support at the 15m Demand zone mentioned in the last post and bounced to 24450 but didn't cross this important resistance. On the lower side, 24200 will play as crucial support. If broken, we might see a further fall in Nifty. As mentioned in the last post (linked in "Related Ideas" below), if 24074.20 (Budget Day low) is not held, the next major support zone is seen at 23667 on the daily chart. Weekly trend (50 SMA) and Daily trend (50 SMA) are still positive.
Support Levels:
Major Demand/Support Zone (75m): 24056 - 24150 (already tested 2 times)
Major Demand/Support Zone (Daily): 23350 - 23667
Resistance Levels:
Near Supply/Resistance Zone (75m) for weekly trade: 24607 - 24674
Far Supply/Resistance Zone (15m): 24741 - 24774
Note: While writing this, GIFTNIFTY is showing 220+ points negative, indicating a potential gap down opening.
Support Levels:
Major Demand/Support Zone (75m): 24056 - 24150 (already tested 2 times)
Major Demand/Support Zone (Daily): 23350 - 23667
Resistance Levels:
Near Supply/Resistance Zone (75m) for weekly trade: 24607 - 24674
Far Supply/Resistance Zone (15m): 24741 - 24774
Note: While writing this, GIFTNIFTY is showing 220+ points negative, indicating a potential gap down opening.
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