Nifty 50

Nifty 50 closed at 23779.15, down 118.55 points (-0.50%), continuing the recent weakness in the index. The index opened at 23883.15 and came under selling pressure almost immediately, failing to sustain the 23900 level. Throughout the morning, Nifty formed a gradual lower-high and lower-low structure, indicating that sellers remained dominant. The index reached an intraday low of 23737.90, showing that the 23750-23700 zone is currently attracting buying support. The afternoon recovery was weak, with Nifty remaining below 23800, suggesting that buyers were unable to reverse the broader intraday trend.

Market Breadth was strongly negative, with 37 stocks declining against only 13 advancing confirming broad based selling pressure. The immediate support zone is now around 23750-23700, and a decisive break below 23700 could expose 23600-23550 next. On the upside, 23800-23850 is the first resistance area, followed by the important 23900-24000 zone. 

Overall momentum is bearish and for options traders, a sustained move below 23700 would provide stronger confirmation for PE/short-side setups, while a reclaim of 23900 would weaken the bearish view.

Final view: Bearish bias- the index is making lower levels and remains below key resistance, so the preferred approach is to sell on rallies or wait for a confirmed breakdown rather than aggressively buying CE positions.

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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