Nifty reacted exactly from the 15m demand zone and the 5m supply zone mentioned yesterday. If Nifty opens flat or gap-down and breaks yesterday's low of 23,442, we might see a fall to 23,369 and below. The weekly trend (50 SMA) is positive, but 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
Further Far Support/Demand Zone (15m): 23,232 - 23,268
As the 75m trend (50 SMA) has turned sideways from an uptrend, it is advised to take confirmation entries for long trades at demand/support zones.
Resistance Levels:
Minor Supply/Resistance Zone (15m): 23,607 - 23,624
Support Levels:
Near Support/Demand Zone (15m): 23,334 - 23,369
Far Support/Demand Zone (15m): 23,297 - 23,329
Further Far Support/Demand Zone (15m): 23,232 - 23,268
As the 75m trend (50 SMA) has turned sideways from an uptrend, it is advised to take confirmation entries for long trades at demand/support zones.
Resistance Levels:
Minor Supply/Resistance Zone (15m): 23,607 - 23,624
