1 week ago
Nifty Trapped Between Moving Averages Ahead of August Expiry
The Nifty 50 began Monday by rising above 24,300 but later lost those gains.
Selling pushed it below important technical support levels.
Buyers returned near the end of the session, but the index still finished lower at 24,219.05.
Nifty is currently moving inside a narrow range between two average-price lines.
A rise above about 24,292 could encourage more buying.
A fall below about 24,192 could lead to stronger selling.
Tuesday is the August futures-and-options expiry, so trading may be more volatile.
Analysts are watching to see which side of the range breaks first.
India Glycols is also being watched because its chart suggests it could rise above ₹1,200.
Nifty 50 erased early gains and closed Monday at 24,219.05, down 32.95 points, or 0.14%.
The index remains confined between the 20-EMA near 24,292 and 50-EMA near 24,192.
A move above 24,292 could open a path toward 24,370, while a break below support may expose 24,062.
Tuesday’s August F&O expiry is expected to keep volatility elevated as traders watch for a decisive breakout.
India Glycols is nearing a breakout above ₹1,200, with a potential target zone of ₹1,270–₹1,300 and a stop loss at ₹1,145.
- Who
- Traders and investors in the Nifty 50 and India Glycols.
- What
- Nifty 50 is consolidating between key moving averages ahead of the August F&O expiry, while India Glycols is nearing a possible technical breakout.
- Where
- The Indian stock market, including the Nifty 50 index and India Glycols.
- When
- Nifty’s decline occurred on Monday; the August F&O expiry is scheduled for Tuesday.
- Why
- The index is caught between nearby support and resistance levels, while expiry-related activity could trigger a directional move.
Bullish Scenario
Bearish Scenario
Nifty breakout direction
Bullish Scenario
A sustained move above the 20-EMA near 24,292, potentially supported by short covering, could attract fresh buying and lead toward 24,370.
Bearish Scenario
Failure to hold the 50-EMA near 24,192 could intensify selling pressure and bring the index toward the next support around 24,062.
Current market structure
Bullish Scenario
Buying interest at lower levels and a move above the upper range could provide relief to bulls during expiry trading.
Bearish Scenario
Repeated selling near the 24,300 zone and the broader sideways structure suggest that rallies may continue to face resistance.
Key facts
- Nifty close
- 24,219.05 on Monday
- Daily change
- Down 32.95 points, or 0.14%
- Key support
- 50-EMA near 24,192; next support around 24,062
- Immediate resistance
- 20-EMA near 24,292
- Upside level
- A sustained move above 24,292 could lead toward 24,370
- Expiry
- August F&O series expiry is scheduled for Tuesday
- India Glycols setup
- Breakout level near ₹1,200; potential target ₹1,270–₹1,300; stop loss ₹1,145
Sources
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