๐ Previous Session Recap:
Nifty displayed a strong upside recovery from intraday lows around 24,680, with a significant rally post-10:00 AM, closing near the 25,000 psychological level. The price action reflects bullish momentum, but profit-booking near resistance is evident.
๐ Updated Support & Resistance Levels:
| Level Type | Price Range | Notes |
|---|---|---|
| Immediate Resistance | 25,000 โ 25,020 | Price is hovering here; selling pressure seen |
| Next Resistance | 25,050 | Breakout confirmation if sustained above this |
| Immediate Support | 24,960 โ 24,940 | Minor pullback zone |
| Critical Support | 24,900 โ 24,880 | Bulls must protect this zone |
| Trend Support/Base | 24,830 | Strong trend base; break may turn bias negative |
๐ฏ Intraday Trading Strategy:
๐ผ Bullish Scenario:
- โ Go long on breakout above 25,020, targeting 25,050 โ 25,100.
- ๐ Stop-loss: Below 24,980.
- ๐ Trail SL as price sustains above resistance.
๐ฝ Bearish Scenario:
- โ ๏ธ If price fails to sustain above 25,000 and breaks below 24,960, go short.
- ๐ฏ Target: 24,940, then 24,900.
- ๐ Stop-loss: Above 25,020.
โ๏ธ Neutral Bias Zone:
- Between 24,960 โ 25,020, avoid aggressive trades. Watch for breakout/breakdown.
๐ Technical Indicators Outlook (Suggested to Use):
- Supertrend: Bullish; support near 24,880.
- VWAP/EMA: Price above VWAP and EMAs; favorable for long trades.
- RSI: Watch for overbought if it crosses 70 near 25,050 zone.
๐ Important Time-Based Zones (from previous chart patterns):
- 10:00 AM โ 11:30 AM: High momentum, possible breakout window.
- 1:30 PM โ 2:30 PM: Intraday reversal or continuation likely.
