As far as resistance is concerned, 23,800-24,000 is likely to be seen as an intermediate hurdle, followed by 24,150-24,300, coinciding with a bearish gap and a cluster of EMAs on the daily chart of the next truncated week, Osho said. Krishnan said. Angel One.
According to the open interest (OI) data, the highest OI on the call side was observed at strike prices of 23,700 and 23,800, while on the put side, the highest OI was at strike price of 23,500, followed by 23,600.
What should traders do? Analysts say:
Kunal Shah, Mirae Asset Sharekan
On the daily chart, Nifty is trading below its 20-day moving average (DMA) and 40-day moving average of 24,363 and 24,350 respectively. Momentum indicators have a negative crossover on daily charts. On the hourly chart, Nifty is trading below the 20-hour moving average (HMA) and 40-hour moving average (HMA) of 23,962 and 24,135 respectively. Momentum indicators have negative crossovers on hourly charts. On the National Stock Exchange, the market breadth was negative with 474 advancers and 2,225 decliners.
Nandish Shah, HDFC Securities
Nifty also breached the 200-day SMA and EMA support and closed on a weak wicket. The index continues its downward trend and the only support visible on the chart is the swing low of 23,263 dated November 28, 2024. The 200-day SMA located at 23,834 is currently expected to act as an intermediate. Short-term resistance.
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