NIFTY INDEX FUTURES – Technical View

 

NIFTY INDEX FUTURES – Technical View

(Current zone visible in your chart: 24,480–24,500)

You have marked a clear range structure:

• 🔴 Resistance: 24,560–24,600

• 🟢 Support: 24,440

• Intraday pivot zone: 24,485

RSI (lower panel) recently bounced from near 30–35 and is curling upward → short-term recovery attempt, but still below strong bullish momentum.

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🔹 1–3 DAYS VIEW (Short Term Swing)

🟢 Bullish Setup (Breakout Trade)

Entry: Above 24,560 (sustained 15–30 min close)
Stop Loss: 24,430
Target 1: 24,700
Target 2: 24,820

Logic:
Higher low formation + RSI recovery + range breakout above 24,560 can trigger short covering.

Probability: 55–60% (if breakout holds with volume)

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🔴 Bearish Setup (Breakdown Trade)

Entry: Below 24,430
Stop Loss: 24,560
Target 1: 24,300
Target 2: 24,150

Logic:
Range breakdown + previous swing low failure → momentum selling.

Probability: 60% if 24,430 breaks strongly.

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🔹 1–15 DAYS VIEW (Positional)

Market Structure: Sideways-to-slightly positive unless 24,150 breaks.

🟢 Positional Buy Zone

Buy near 24,350–24,400 (dip buying)
SL: 24,100 (closing basis)
Targets:

• 24,750

• 25,000 (major resistance zone)

Probability: 60–65% if broader market sentiment remains stable.

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🔴 Positional Bearish Scenario

If closes below 24,150, trend turns weak.

Downside Targets:
23,900 → 23,650

Probability of deeper fall: 40% currently (structure not fully bearish yet)

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📊 Technical Summary

• Market is in range consolidation

• RSI recovering from oversold

• Breakout above 24,560 decides bullish momentum

• Breakdown below 24,430 activates short side