Technical Analysis for Nifty50 for Tomorrow

24 сент. 2023 г.

**Technical Analysis for Nifty50 for Tomorrow - September 25, 2023**

**Overall Outlook**

Nifty50 is expected to open negative tomorrow, following the negative global markets. However, if the market opens above 19,700, then the 19,600 level will act as a support. On the upside, the resistance levels are 19,800 and 19,900-20,000.

**Support and Resistance Levels**

**Supports:**

* 19,600 (strong support as per OI data)

**Resistances:**

* 19,800
* 19,900-20,000

**Trading Strategy**

* **Buy:** If the market trades above 19,800 and closes with a 15-minute green candle, then a buying side movement can be expected.
* **Sell:** Wait for a breakdown of 19,600 before selling.

**Note:** Please follow price action and wait for opportunities to trade.

**Additional Comments**

* The global markets are negative due to concerns about rising interest rates and a potential recession.
* Nifty50 is a broad market index, and it is sensitive to global market trends.
* If the global markets continue to remain negative, it could weigh on Nifty50 as well.
* However, if the market opens above 19,700 tomorrow and closes with a 15-minute green candle, then it could signal a bullish reversal.
* Traders should carefully monitor the price action and wait for opportunities to trade.

**Disclaimer:** This is just a technical analysis and is not a recommendation to buy or sell any security. Please do your own research before making any investment decisions.