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Nifty 50 February futures (23,822)
Nifty 50 is managing to hold higher after having risen well on Tuesday. The index is trading flat now at 23,747. The advances/declines ratio is at 31:20. This is positive for now. If the trend changes, then it can bring the Nifty under pressure again. We will have to wait and see.
Nifty has a crucial resistance around 23,800. A strong break above it will be bullish to see a rise to 24,000. It has to sustain above 23,700 in order to keep the chances high to see the above-mentioned rise.
A fall below 23,700 will bring the index under pressure again. If that happens, a fall to 23,600-23,550 can be seen. We will have to wait and watch.
The Nifty 50 February futures (23,822) contract is up 0.15 per cent. The contract has support in the 23,800-23,780 region. As long as the contract trades above 23,780, the bias is positive to see 23,880-23,900 on the upside. A further break above 23,900 will then clear the way for an extended rise to 24,100 and higher.
The contract will come under pressure for a fall to 23,700-23,600 only if it declines below 23,780.
Considering the risk/reward ratio we suggest traders to stay out of the market today. Fresh long positions can be considered after the contract breaks above 23,900.
Published on February 5, 2025
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