NIFTY OVERVIEW

 NIFTY Overview, here’s a detailed explanation of Target, Stop Loss, Support & Resistance, and Trend Setup:

🔹 Trend Setup: Current Trend: Weak bearish bias

Indicators Used:

Moving Average Crossover: A bearish crossover has been observed on the shorter time frame, indicating potential downside in the near term.

RSI (Relative Strength Index): Showing signs of divergence and exhaustion, supporting short-term weakness.

Price Behavior: Nifty is struggling to break above a key level, indicating distribution or resistance zone.

🔹 Support & Resistance: Immediate Support: 24,700

A breach below 24,700 could trigger a decline toward the next support zone at 24,500.

Immediate Resistance: 24,800

Acts as a crucial resistance due to call writing and price rejection.

Daily Pivot Levels:

Pivot Point (PP): 24,777

Support Levels:

S1: 24,691

S2: 24,631

Resistance Levels:

R1: 24,837

R2: 24,924

🔹 Target & Stop Loss: 📉 If Going Short (Bearish Bias): Entry: Near resistance zone (24,800)

Target 1: 24,700 (immediate support)

Target 2: 24,500 (extended support if 24,700 breaks)

Stop Loss: Above 24,837–24,850 zone (R1 or just above resistance to avoid whipsaws)

📈 If Going Long (Cautious Bullish Setup): Entry: Near support zone (24,700), only if reversal signals appear

Target 1: 24,777 (pivot level)

Target 2: 24,837 (R1)

Stop Loss: Below 24,691–24,650 (S1/S2 range)

🔹 Summary: Position Entry Zone Target(s) Stop Loss Bias Short 24,800 24,700 / 24,500 >24,850 Bearish (preferred) Long 24,700 24,777 / 24,837 <24,650 Only on bounce

✅ Final Note: Given the RSI exhaustion, bearish crossover, and resistance near 24,800, the bearish trade setup currently has a higher probability. Use strict stop-loss to manage risk due to volatility.