Technical Analysis of Nifty 50 for TomorrowTechnical Analysis of Nifty 50 for Tomorrow (26 September 2023) with Good Points
Support:
19600-19500 (Strong Support)
Resistance:
19800 (Big Resistance)
Overall Analysis:
The Nifty 50 index is currently trading at 19674.55, just below the resistance level of 19800. The index has been in a sideways to bearish phase for the past few weeks, and the overall market sentiment is bearish.
However, there is a good chance that the index could move upside tomorrow if it breaks above 19800. The index has strong support at 19600-19500, and there is a lot of put writers at this level. Therefore, if the index breaks above 19800, it could face strong buying pressure.
Good Points:
The index has strong support at 19600-19500.
There is a lot of put writers at the 19600-19500 level.
The index could move upside if it breaks above 19800.
Trading Strategy:
Bullish Traders: If the Nifty 50 index breaks above 19800, bullish traders can enter long positions with a stop loss below 19750.
Bearish Traders: If the Nifty 50 index breaks below 19600, bearish traders can enter short positions with a stop loss above 19650.
Overall, the Nifty 50 index is likely to move in a range of 19600-19800 tomorrow. However, there is a good chance that the index could move upside if it breaks above 19800.
Disclaimer: This is just a technical analysis and should not be considered as a trading recommendation. Please consult your financial advisor before making any trading decisions.
