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Daily Technical View on Nifty

* Nifty fell for the fourth session on the trot. After gap down opening of 321 points, Nifty recouped some of its opening losses in the early morning trade.

* However post 10 A.M., there was hardly any directional move, as Nifty consolidated in the narrow range of 70 odd points.

* Nifty ended the day with the fall of 247 points or 1.02%, at 23951.

* NSE cash market volumes were lower by 1% as compared to yesterday.

* Nifty Midcap 100 and smallcap 100 Index continued its downward journey for the third day in the row where they fell by 0.28% and 0.51% respectively. Both the Indices, though ended in the red, recovered sharply from the early morning lows and ended the day near the day’s high.

* Nifty made an intraday low at 23870, which was near to the previous swing low made on 28th November 2024.

* Violation of 23870 support could drag Nifty towards the next support of 200 DEMA, placed at 23692 odd levels.

* On the higher side 24100 is likely to act as an immediate resistance.

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