As of February 10, 2025, the Nifty 50 index closed at 23,559.95, experiencing a decline of 0.79% from its previous close. Throughout the day, the index fluctuated between an intraday high of 23,568.60 and a low of 23,316.30.
For the upcoming session on February 11, 2025, technical analysis indicates the following support and resistance levels:
Support Levels:
First Support (S1): 23,394.64
Second Support (S2): 23,229.32
Third Support (S3): 23,142.34
Resistance Levels:
First Resistance (R1): 23,646.94
Second Resistance (R2): 23,733.92
Third Resistance (R3): 23,899.24
These levels suggest that if the Nifty 50 moves above the first resistance at 23,646.94, it may encounter further resistance at 23,733.92 and 23,899.24. Conversely, a decline below the first support at 23,394.64 could lead to additional support at 23,229.32 and 23,142.34.
Analysts have observed that the Nifty 50 is currently facing challenges at higher levels, leading to a "sell-on-rise" pattern. Key resistance levels are identified at 23,800, 23,900, 24,000, and 24,250. A strong buying momentum is necessary to surpass these hurdles. Until such momentum is observed, traders are advised to book profits at regular intervals. The market is expected to consolidate within the range of 23,250 to 23,800 in the near term.
In terms of market sentiment, the overall trend is currently neutral. The Foreign Institutional Investors (FII) long positions stand at 16%, a slight decrease from 17% in the previous session. The Nifty put-call ratio (PCR) is at 0.83, down from 0.95, while the Nifty Bank PCR is at 0.85, a decrease from 0.93. The volatility index, India VIX, has decreased by 3.5% to 13.69, indicating a slight reduction in market volatility.
Traders are encouraged to monitor these support and resistance levels closely and remain vigilant for any significant market movements. Implementing appropriate risk management strategies is essential to navigate the current market conditions effectively.
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