Nifty reacted from the 30m supply zone during intraday trading on Friday and closed near the day's low. However, it did not close below the crucial level of 23,442 mentioned in the last post. GIFTNIFTY is trading negative as of this post, indicating that we might see a decline in Nifty to 23,369 and below. The weekly trend (50 SMA) remains positive, while the daily trend is still sideways.
Support Levels:
Near Support/Demand Zone (15m): 23,334 - 23,369
Far Support/Demand Zone (15m): 23,297 - 23,329
Farther Support/Demand Zone (15m): 23,232 - 23,268
Major Support/Demand Zone (Daily): 22,642 - 22,910
As the 75m trend is still sideways, it is advised to take Confirmation entries for long trades in the 15m Demand/Support zone.
Resistance Levels:
Near Supply/Resistance Zone (30m): 23,567 - 23,622
Support Levels:
Near Support/Demand Zone (15m): 23,334 - 23,369
Far Support/Demand Zone (15m): 23,297 - 23,329
Farther Support/Demand Zone (15m): 23,232 - 23,268
Major Support/Demand Zone (Daily): 22,642 - 22,910
As the 75m trend is still sideways, it is advised to take Confirmation entries for long trades in the 15m Demand/Support zone.
Resistance Levels:
Near Supply/Resistance Zone (30m): 23,567 - 23,622
