As of January 16, 2025, the Nifty 50 index is exhibiting a bearish trend, having declined approximately 11.5% from its all-time high of 26,277.35 on September 27, 2024, to a low of 23,263.15 on November 21, 2024.
Support and Resistance Levels:
Resistance Levels:
Near Resistance: 24,149.85 - 24,394.45
Strong Weekly Resistance: 24,567.65 - 25,234.05
Support Levels:
Near Support: 22,640 - 22,910
Far Support: 21,281 (previous major low from June 4, 2024)
Technical Indicators:
Both the Weekly and Daily Trends (50 SMA) are sideways, indicating market uncertainty.
Trading Strategy:
A "Sell-on-Rise" approach is advisable until the Nifty breaks and sustains above the 25,000 - 25,250 range, which would indicate a bullish reversal.
If the index falls below 22,640, it could lead to further downside, with 21,281 serving as a critical support zone.
Target and Stop-Loss:
Target: For short positions, consider a target near the 22,640 support level.
Stop-Loss: Place a stop-loss above the 24,394.45 resistance level to manage risk. *SHREEEJI FINANCE & INVESTMENT*
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