The decline was sharp enough to wipe out the gains made during the first five trading sessions of the month in just one session, indicating faster downside retracement.
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The decline was sharp enough to wipe out the gains made during the first five trading sessions of the month in just one session, indicating faster downside retracement.
Nifty holds broader uptrend despite ending its winning streak; support at 24,280 and July 3 gap zone remains crucial.
Nifty is now approaching a key resistance zone between 24,482 and 24,520.
Market participants will now watch whether the move attracts follow-through buying or slips back into the previous range.
Sustaining above the 24,250-24,265 zone will be important if the Nifty is to extend its gains. Failure to remain above that level could keep the benchmark within its recent trading range.
The Nifty broke its recent pattern of lower highs and lower lows, but analysts say the index remains locked in a defined trading range with resistance near 24,124.
AI-led selling in Asian chip stocks triggered a broad market decline, pushing the Nifty below key moving averages. Traders now watch the 23,645-23,818 support zone for direction.
The narrow trading range and Doji formation suggest that market participants remain cautious despite the index closing above a downward-sloping channel.
Nifty now faces a strong resistance zone between 24,090 and 24,210. This range is important because it includes the upper end of the sloping channel, the previous week's high and the 100-DMA.
The immediate resistance for Nifty is placed at 24,290-24,330. A sustained move above this level could take the index towards 24,482, which is May 07 swing high.
The Nifty is now approaching an important resistance area around 24,100.
The Nifty faces resistance in the 24,000-24,127 zone, where several technical levels converge.
The Nifty closed above 23,850 after a 362-point gap-up opening, but profit booking kept the index near the day's low. The 24,090-24,127 zone remains the next hurdle, while weekly expiry could keep volatility elevated.
The 23,687-23,719 zone is expected to serve as the immediate resistance area, with both the June 1 high and the 50-day moving average located near these levels.
The broader trading range remains capped between 23,070 and 23,560.
Going forward, a close below the 23,000-23,100 support zone could trigger further weakness and open the way for a move towards 22,700.
Nifty rebounds from intraday lows as banking stocks lead recovery; traders await confirmation above 23,280.
The benchmark index ended at a two-month low after renewed selling pressure, while momentum indicators and open-interest data point to a weak near-term market structure.
Nifty has remained in a consolidation phase for nearly four weeks and has traded within a tight 23,151-23,556 band over the past three sessions.
The Nifty's daily trading range stood at 308 points, its narrowest in four sessions. Even so, the range remained above the 10-day average for a fourth straight day, indicating that market swings remain higher than usual.