NIFTY INTRADAY TRADING LEVELS FOR TOMORROW
DATE- 25.09.23
TIME-FRAME- 15 MINUTES
BUY ABOVE - 19724 target will be 19800, 19848 & 19909
SELL BELOW - 19656 target will be 19603, 19555 & 19500
The markets extended decline for the fourth straight session and lost nearly half a percent. Profit booking continued in the market and after the initial uptick, the Nifty oscillated in a narrow range. It finally settled around the day’s low at 19,674.25 levels. The Sensex also slipped 221 points and ended the day at 66,009. Pharma, realty and metals were top losers among the sectoral pack. However, stability on the broader front eased some pressure. PSU Banks however bucked the trend and IndusInd Bank was among the top gainers in an otherwise ranged market. The Nifty PSU Bank Index closed up 3.5%.
The Nifty is currently trading at a crucial support zone 19720 – 19620 where support parameters in the form of 40 moving average and key Fibonacci retracement level is placed. The speed of the fall has slowed down as the hourly momentum indicator has a positive crossover which indicates that a pullback is likely before the next leg of the fall resumes. The pullback can be till 19850 – 19880 where key hourly moving averages and the gap area formed on September 21 is placed. In terms of levels, 19620 – 19604 is the crucial support zone while 19850 – 19880 shall act as an immediate hurdle zone.
