Nifty 50 Futures CMP: 23,654
Trend: Short-Term Bearish to Sideways Price has broken below important short-term support and is trading near the 0.618 Fibonacci zone. Momentum indicators are weak and RSI is near oversold territory.
Key Support Levels Immediate Support: 23,500
Strong Support: 23,200–23,250
Major Breakdown Level: 23,000
Key Resistance Levels Immediate Resistance: 23,720
Major Resistance: 23,900
Strong Supply Zone: 24,250
Price Action View Recent lower highs and lower lows indicate bearish pressure.
Price rejected multiple times from 24,250–24,500 zone.
Current candles show panic selling near support area.
RSI weak below midline suggests momentum still negative.
However, oversold condition may trigger sharp pullback bounce.
Trade Setup SELL ON RISE (Preferred Setup) Entry Price: 23,700–23,740
Target 1: 23,500
Target 2: 23,250
Target 3: 23,050
Stop Loss Strict SL: 23,900
Risk–Reward Ratio Risk: ~160–180 points
Reward: ~250–450 points
Risk Reward: Approx. 1:1.8 to 1:2.5
Probability Downside Probability: 65–72%
Probability remains bearish while price stays below 23,900.
Alternate Bullish Setup Only if Nifty Futures sustains above 23,720–23,750 with strong volume:
Upside targets: 23,900 → 24,050
Below 23,500 again → bullish setup fails.
Trading Action ✅ Preferred strategy: Sell on rise
✅ Aggressive traders can book partial profits near 23,500 support
❌ Avoid fresh long positions at current CMP
❌ Breakdown below 23,500 can accelerate selling
Realistic View Current setup is not a strong long trade setup. Market structure favors cautious bearish/range trading unless Nifty quickly reclaims 23,750+.
👉 For fresh longs at CMP: NO TRADE until confirmation appears.
No comments:
Post a Comment