"Nifty at the Crossroads: Key Levels to Watch and Trading Strategies for Tomorrow"
The Nifty 50 index's recent dip below the 24,000 mark has raised concerns among investors about potential market volatility. As of December 17, 2024, the index closed at 23,933.30, signaling a bearish trend that could lead to further declines if key support levels are not maintained. Key Support and Resistance Levels Support Levels : The immediate support for Nifty is at 24,000, with a more critical level at 23,873, corresponding to the November 28 low. A breach below these levels could invalidate the bullish head-and-shoulders pattern targeting 25,500, making the 23,300 lows vulnerable. Resistance Levels : On the upside, resistance is observed at 24,500. Sustaining above this level could indicate a potential rebound towards 24,700. Trading Strategies for the Upcoming Session Given the current market dynamics, traders should consider the following approaches: For Bullish Positions : Entry Point : Consider initiating long positions if Nifty sustains above 24,004. Target Levels : Pot...
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