Nifty slips below 24000, closes weak after breaking swing low - Tradebulls Securities Pvt Ltd
Nifty
The Nifty witnessed profit booking pressure near the 24000 mark, slipping below its previous day’s swing low and closing beneath it, indicating near-term weakness. The immediate resistance is now placed at 24225 (50 DEMA), followed by a key gap resistance around 24415. This zone may be difficult to surpass unless crude oil prices soften below the $88 level on a sustained basis. A decisive close above the 24000 CE OI cluster would signal potential for renewed short-covering, which could push the index towards the 24200 zone. On the downside, the 20 DEMA at 23450 is expected to act as immediate support. However, macroeconomic factors continue to weigh on sentiment. Elevated USD/INR levels, firm crude prices above $90, persistent FII outflows, and ongoing geopolitical tensions may keep any pullbacks vulnerable. Traders are advised to remain cautious in the 24230–24420 zone, consider profit booking at higher levels, and look for re-entry opportunities on dips. The broader structure remains constructive as long as the index sustains above 22630 during the current series.
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