Today market breached the strong support level of 24450 in intraday but any how managed to closed above support levels amid all the negetive sentiments and tariff concerns. As shown in the chart 24450-24500 is a major support zone for Nifty, Daily close below these supports can take index to 23800-24000 levels on the lower side.
On higher side the Nifty index will face two major resistances i.e. 24880 and 25250, these two levels are important for starting fresh uptrend.
Intraday fall was fully recovered by the index , because nifty was in highly oversold zone as we discussed yesterday . If we look at technical indicators at Nifty Chart , the index is bounced from the oversold territory , so whether its a “Sustainable bounce” or a “Dead Cat bounce” it will clear in coming sessions.
