The Nifty 50 index is under pressure after a steep correction from its recent highs, currently hovering near 22,547.55. With the Indian stock market closed today, traders are eyeing crucial levels to determine whether this is just a pullback or the start of a deeper decline.
Nifty 50 Chart Analysis – Key Levels to Watch
- Resistance Levels:
- 22,802.35 – Immediate resistance; a break above could spark a relief rally.
- 23,788.25 – 24,184.85 – Major supply zone where sellers may return.
- 24,797.75 – 25,344.05 – Strong resistance zone marking previous highs.
- Support Levels:
- 21,812.45 – First major support; a break could accelerate losses.
- 21,282.60 – Critical downside level where bulls may step in.
Why is Nifty 50 Falling?
Weak global signals, rising US bond yields, and FII selling have pressured Nifty, with banking and IT stocks facing declines. Profit booking near 25,000 accelerated the drop, while liquidity concerns fueled the correction. With market uncertainty high, traders remain cautious.
Nifty 50 Outlook – What’s Next?
The next trading session will be crucial for Nifty. If the index holds 22,500, a bounce toward 22,800 is possible. However, if selling continues, a break below 21,800 could trigger sharper losses toward 21,300.
With volatility expected, traders should stay cautious and watch for global market trends. Currently, Nifty is in a delicate position, and bulls require a significant boost to take charge again.