Nifty 50

Today's session of Nifty 50 is clearly bearish, with the index at 24090.85, down 116.90 points (-0.48%) from previous close of 24207.75. Nifty opened at 24277.60 but failed to sustain the openinng strength, indicating that sellers entered aggressively near the 24280-24300 zone. The index gradually moved lower through most of the session, forming lower-high/lower/low intraday structure, which favours the bears. The 24200-24250 area, which was holding earlier, has now been lost, maing it an important resistance zone for any recovery. 

Market breadth is also weak, with only 18 stocks advancing versus 31 declining, supporting the bearish intraday reading. The immediate support is around 24050-24000;  a decisive break below 24000 could accelerate selling toward 23900-23800. On the upside , Nifty needs to reclaim 24200-24250 first , followed by 24300, before a meaningful bullish reversal can be considered. 

My current bias is Short/Bearish rather than Long, but chasing a PE at the current low is risky because the index is already close to intraday support. For options, PE is preferable only on confirmation below 24050/24000, while a sustained move back above 24200-24250 would invalidate the immediate bearish setup and make a CE setup more attractive. 

Overall: Bearish bias -> PE on a confirmed breakdown, avoid fresh CE until Nifty reclaims 24250-24300; 24000 is the key level to watch.

Trading bias from today's Nifty 50 is Short/PE>CE.

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.

Heathmap

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