In today’s trading session, Nifty delivered another eventful day, with key levels playing a decisive role in the market’s movement. As of my midday update at 12:30 PM, Nifty was oscillating between 24,370–24,390 — a crucial range I had previously highlighted. Soon after, Nifty climbed to test the 24,450–24,500 zone, an important 50-point band where I had cautioned bulls to tread carefully.
Around noon, just as the market reversed, Nifty dropped sharply to around 24,260, precisely at the levels I had indicated. This move triggered an important technical setup: if the market could break below this range, we would likely witness short covering, a phenomenon where bearish traders rush to exit their positions.
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Nifty: Key Structure and What Lies Ahead
Looking at the Nifty chart, one thing is abundantly clear: the 24,200 to 24,400 range holds massive importance. Let me break down why.
On June 23, the market staged a recovery after an initial dip, forming a structure that was retested on June 25 with another fall. Again today, the market struggled within the same key range, creating a pattern of resistance and retracement that I flagged earlier on Telegram.
Today, the market witnessed a sharp 100-point swing — a sudden jolt that reversed from the range I mentioned. Many of you commented on how the levels shared matched the reversal point exactly, reinforcing the significance of these technical zones.
Here’s the breakdown:
- Sellers have been dominant between June 23 and June 28, repeatedly pushing the market down.
- Bulls, however, are resilient, attempting to lift Nifty back each time after these dips.
If Nifty sustains above 24,400, a path opens toward 24,500. A clean breakout above 24,500 would likely trigger widespread short covering, giving bulls a stronger grip on the market.
On the technical front, an inverted head and shoulders pattern is emerging — a classic bullish reversal structure. Here, 24,400–24,500 serves as the “neckline.” A decisive close above it could energize the next leg higher.
Critical Levels for Tomorrow
- Support Zones:
- 24,200: Key immediate support; bulls must defend it.
- 24,000: Next line of defense if 24,200 fails.
- Resistance Zones:
- 24,400: First major breakout point.
- 24,500: Critical confirmation of bullish momentum.
If Nifty falls below 24,200, expect bears to regain control, with potential downside toward 24,000. Conversely, staying above 24,400 will keep bulls in command, with opportunities for further gains.
Bank Nifty: Watch These Zones Closely
Turning to Bank Nifty, the setup is equally intriguing. Throughout the session, the index displayed relatively weaker strength compared to Nifty.
Key observations:
- Resistance Zone:
- 55,100–55,250: Bank Nifty must stay above this range for bulls to remain in control.
- Support Level:
- 55,000: A psychological and technical support line.
Earlier today, Bank Nifty broke a critical trendline resistance around 54,900, which triggered another bout of bullish momentum. However, if it dips below 55,000 in the coming sessions, bear activity could intensify, threatening the recent gains.
Sensex: Psychological Barrier in Focus
Sensex, too, mirrored the broader market moves, pivoting around key psychological levels.
- Key Support:
- 79,800–80,000: Bulls must hold this band to keep momentum intact.
- Major Resistance:
- 80,375–80,470: A breakout above this range could fuel a strong rally toward 80,575 and beyond.
Currently, Sensex is consolidating just below the crucial 80,000 level. If the bulls manage a breakout above 80,375, we could see a sharp rally continuing toward higher milestones. However, any failure to sustain above 79,800 would invite selling pressure.
Final Thoughts
Today’s session demonstrated how crucial these tightly defined levels are for traders. The battle between bulls and bears is intensifying, and tomorrow’s action around 24,200/24,400 for Nifty, 55,000/55,250 for Bank Nifty, and 80,000/80,375 for Sensex will be critical.
Stay tuned for the evening session’s detailed analysis, where we’ll also review FII-DII data and upcoming global cues.
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