NIFTY CHART

 

Nifty Market Analysis

Current Market Price (CMP): 23,250.10

Key Levels to Watch

• Recent Swing Analysis:

  • The recent swing low of 21,964 and swing high of 23,869 indicates a significant price movement. The 38.2% retracement level of this swing is at 23,141, which has been maintained on the hourly chart, closing above this level is a positive sign.

• Support Levels:

  • First Support: 23,141 (38.2% retracement level)
  • Next Support: 22,917 (50% retracement of the 21,964-23,869 swing)
  • Worst Case Support: 22,692
  • Critical Support: 22,372

• Resistance Levels:

  • Immediate Resistance: 23,420
  • Stiff Resistance Zone: 23,800 (notably, a double top reversal occurred at 23,869, closing at 23,668, which is below the critical level of 23,800)
  • Further Resistance Levels: 24,120 and 24,387

Technical Insights

• The double top reversal pattern at 23,869 suggests a potential bearish sentiment, especially with the close below 23,800. The high from February 5, 2025, at 23,807 further reinforces this resistance level.

• The 23.6% retracement of the swing from 26,277 to 21,964 is at 22,881, which aligns closely with the support levels, indicating a potential area of interest for buyers.

Conclusion

Traders should closely monitor the support level at 23,141 for potential buying opportunities, while being cautious of the resistance at 23,800. A break below 22,917 could signal further downside, while a sustained move above 23,800 may open the door for a rally towards 24,120 and beyond.

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