Nifty ended Tuesday down 6% at 21,884.50, forming a long bearish candle on the daily chart, and fell below both short-term and medium-term averages.
For traders, the key resistance areas are 22,400/73,500 and 22,500/74,000, while key intraday support zones are 21,600-21,300/71,000-70,200. “The market is very volatile and uncertain right now, so traders should be cautious in the next few sessions,” said Shrikant Chouhan from Kotak Securities.
What Should Traders Do?
Jatin Gedia, Sharekhan:
Nifty breaking below the previous low of 21,820 suggests a change in the short-term trend. It might retrace the rise from 18,840 to 23,340 seen between October 2023 and May 2024. Key support levels to watch are 21,100 and 20,560. Resistance is at 22,310 – 22,550. Expect consolidation between 21,000 – 22,500.
Tejas Shah, JM Financial & BlinkX:
Nifty closed below the crucial support zone of 22,400-500, indicating market pressure in the near term. Support is now at 21,750-800 and 21,250-300. Immediate resistance is at 22,300 and the next major resistance is at 22,500.
Stay cautious and keep an eye on these levels for better trading decisions.
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