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Nifty 50 has come down sharply after opening the day with a gap-up. The index opened the day at 23,421.65 and fell giving back all the gains. It is now trading at 23,285, down 0.25 per cent. The advances/declines ratio is at 21:29. This indicates that the bias is negative.
Broadly, Nifty is stuck in between 23,000 and 23,400. The fall after the opening today indicates the absence of fresh buyers above 23,400 to take the index higher. This keeps the 23,000-23,400 range intact. So, the chances are high for the Nifty to fall towards 23,200-23,100 in the coming sessions.
A sustained rise above 23,400 is needed to ease the downside pressure and take the index up to 23,600 and higher.
The Nifty 50 January Futures (23,298) is down 0.45 per cent. The contract has come down sharply after making a high of 23,460 in the early trades. Intraday resistance is at 23,350. The contract can fall to 23,200 and 23,150 in the coming sessions.
The contract has to get a decisive break above 23,450 to clear the way for a rise to 23,700 and higher.
Traders can go short now at 23,298 and add shorts on a rise at 23,330. Keep the stop-loss at 23,380 initially. Trail the stop-loss down to 23,265 as soon as the contract falls to 23,235. Move the stop-loss further down to 23,220 when the contract touches 23,200. Exit the short positions at 23,180.
Supports: 23,200, 23,150
Resistances: 23,350, 23,450
Published on January 21, 2025
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