Nifty 50

In Today's session of Nifty 50 closed at 24334.55, gaining 115.50 points(+0.48%), showing a positive recovery compared with the previous close of 24219.05. The index opened at 24175.75 and initially remained under pressure, with the day's low at 24115.45, indicating early weakness. However, buyers gradually took control from the afternoon session, pushing Nifty steadily higher and ultimately closing at the day's high of 24334.55, which is a bullish closing signal. The intraday structure shows a strong recovery from the 24100-24150 zone, suggesting that this area acted as meaningful support during today's session.

Market breadth was clearly positive, with 34 stocks advancing against 16 declining, supporting the bullish interpation rather than showing a narrow index-driven rise. Technically, Nifty has reclaimed the 24200-24250 region, and holding above this zone keeps the short-term structure positive. The immediate resistance is around 24350-24400; a decisive breakout above this zone could open the way toward 24500 and potentially 24550. One the downside, 24200 is the first impotant support, followed by approximately, 24100-24150; a sustained break below these levels would weaken today's bullish setup.

My short-term bias is therefore Long/Bullish, but i would prefer buying CE only after confirmation above 24350-24000, rather than chasing the move at the current level. Conversely, PE becomes preferable only if Nifty breaks and sustains below 24200, with 24100 as the next important downside level; until that happens, the chart favours CE over PE, with strict risk management.

Trading view: Bullish bias| CE prefered on breakout | PE only below 24200 confirmation.

This analysis is not guaranteed outcome or any personalized financial advice be cautious before taking any trade. Do your market analysis and study before hand. This analysis is based on the closing market for Nifty 50 today and for educational purpose.

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