Nifty Structure Analysis & Trade Plan: 24th October

4-Hour Chart (Macro Trend)

Structure: The Nifty is in an Aggressive Bullish Momentum phase, trading within a steep ascending channel. The rally is strong, but the long upper wick on the recent 4H candle and the close far below the day's high (26,104.20) signal aggressive profit booking near the psychological 26,000 resistance area.

Key Levels:

Major Supply (Resistance): 26,100 - 26,300. This area is the key psychological and all-time high zone (ATH is 26,277.35).

Major Demand (Support): 25,600 - 25,700. This area aligns with the lower trendline of the ascending channel and is the must-hold zone for the continuation of the rally.

Outlook: The bias is Cautiously Bullish. The short-term structure is still positive, but the sharp intraday selling indicates a pause or consolidation is needed before a fresh breakout attempt.

1-Hour Chart (Intermediate View)

Structure: The 1H chart shows a clear rejection after the market traded to new 52-week highs. The index closed near the lower trendline of the ascending channel. The price has currently formed a FVG (Fair Value Gap) below the closing price, which may serve as a magnet for a morning correction.

Key Levels:

Immediate Resistance: 26,100 (Intraday high/point of rejection).

Immediate Support: 25,800 (Recent swing low/channel support).

15-Minute Chart (Intraday View)

Structure: The 15M chart confirms a Market Structure Shift (MSS) to the downside in the last hour of trading, with lower highs and lower lows forming from the day's peak. The market closed below the 9-period EMA, confirming intraday bearish control.

Key Levels:

Intraday Supply: 25,950.

Intraday Demand: 25,800.

Outlook: Bearish for the session open, favoring a "Sell on Rise" strategy into the consolidation area.

📈 Structure Analysis & Trade Plan: 24th October

Market Outlook: Nifty is undergoing a healthy profit-booking session after hitting the 26,100 resistance. The primary strategy will be to buy the dip at major support or short the failure at intraday resistance.

Bullish Scenario (Primary Plan: Buy the Dip)

Justification: The multi-day macro trend is intact, driven by FII inflows and positive trade deal talks. Dips should be seen as buying opportunities.

Entry: Long entry on a bounce and reversal from the 25,750 - 25,800 zone (Lower channel trendline).

Stop Loss (SL): Place a stop loss below 25,650 (below the main channel support).

Targets:

T1: 26,100 (Retest of today's high).

T2: 26,277 (All-Time High).

Bearish Scenario (Correction/Sell on Rise)

Justification: The sharp rejection from the intraday high indicates bears are active and will defend the 26,000 area.

Entry: Short entry on a decisive break and 15-minute candle close below 25,800 OR Short a retest and rejection of the 25,950 level.

Stop Loss (SL): Above 26,100 (above the intraday high).

Targets:

T1: 25,650 (Major FVG support/Lower channel).

T2: 25,500 (Major demand zone).

Key Levels for Observation:

Immediate Decision Point: 25,800 - 25,950 zone.

Bullish Confirmation: Sustained trade above 26,000.

Bearish Warning: A move below 25,800.

Line in the Sand: 25,600. A break below this level shifts the short-term bias to corrective.