Nifty 50 

Hi guys

How are you guys doing? 

Let's talk about today's session of Nifty 50 is clearly bearish, with the 24154.90, down 132.75 points (-0.55%) froom the previous close 24287.65. The index opened at 24223.85, attempted a recovery toward 24269.65, but failed to sustain higher levels and gradually weakened thorugh the session. The most important observation is that Nifty finished at the day's low of 24154.90. Which indicates that sellers remained in control into the closing phase.

Market breadth is also negative, with only 10 stocks advancing versus 40 declining, confirming that the weakness is broad rather than concentrated in a few stocks. From the chart structure, the 24200-24220 zone is an immediate resistance/pivot area, while the next important downside support appears around 24000-23800. The larger daily chart still shows an ascending trendline, but today's price action is putting that short term bullish structure under pressure.

The key level to watch now is 24150: a decisive break below this level can increase the probablity of a move toward 24000, and potentially 23800. On the upside, Nifty would need to reclaim 24250-24300 and sustain above it before a meaningful bullish reversal can be considred, the 24400-24600 becoming the next resistance zone. For options, the present chart favours PE over CE only on confirmation of a sustained break below 24150, while CE immediately would be comparatively risky because the index is closing near its low.

Overall bias: Short/Bearish in the immediate term, but i would avoid chasing a PE at the exact low; a confirmed breakdown below 24150 or weak pullback toward 24200-24250 would provide a cleaner setup than entering blindly.

Heatmap

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