15 hrs ago
Nifty Holds 24,000 as 23,950 Becomes Key Support
The Nifty 50 moved up and down sharply on Tuesday.
It briefly rose above 24,000 but later fell below that level.
Buyers returned near the end of the session, helping the index close at 24,055.80.
The market is showing uncertainty because neither buyers nor sellers are clearly in control.
Analysts are watching 23,950 as an important support level.
If the index falls and stays below it, further weakness could follow.
A rise above 24,209-24,244 could improve the short-term outlook.
Oberoi Realty showed strength after finding support near its trendline and moving averages.
The Nifty 50 ended Tuesday at 24,055.80, down 24.60 points, or 0.10%.
The index moved between an intraday high of 24,143.15 and a low of 23,952.55 before recovering late.
A High Wave candle reflected sharp swings and uncertainty between buyers and sellers.
Support is placed near 23,950, while resistance is seen at 24,209-24,244.
Oberoi Realty formed a bullish candle near trendline and moving-average support, with upside targets of ₹1,940 and ₹1,960.
- Who
- The Nifty 50 and Oberoi Realty are the focus of the analysis.
- What
- The Nifty 50 closed slightly lower while analysts identified key support and resistance levels; Oberoi Realty showed a bullish technical setup.
- Where
- The analysis concerns the Nifty 50 market and Oberoi Realty shares.
- When
- The Nifty 50 session took place on Tuesday, with the outlook provided for Wednesday.
- Why
- The Nifty is near important technical support and resistance levels, while Oberoi Realty attracted buying near trendline and moving-average support.
Key facts
- Nifty close
- 24,055.80
- Daily change
- Down 24.60 points, or 0.10%
- Intraday range
- 23,952.55 to 24,143.15
- Immediate support
- 23,950
- Key resistance
- 24,209-24,244
- Downside reference
- July 27 gap area between 23,892 and 23,824
- Oberoi Realty levels
- Upside targets at ₹1,940 and ₹1,960; stop-loss at ₹1,840
Sources
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