Market Update

Nifty may continue up move above 24050, while a reversal below 23800 may risk the consolidative up move.

Nifty Daily Chart

Support levels: 23800 Resistance levels: 24050

Nifty traded flat near 24000 on a choppy expiry on Tuesday as large caps lack direction and HUL result reaction overshadowed IT bounce back. A move above 24050 may provide bulls a further run with positive momentum in IT stocks seeing recovery from lows after decent earnings and exaggerated fear in short-term.

The triangular consolidation of 24500 to 23600 on daily chart continues, play the range with a support of 23800.

On the hourly chart look for signs of fatigue in the market near overbought levels and reversal on hourly chart to take a contra bet, while buy on the micro dips and above 24050 may work in favour of bulls.

On the weekly front a breach 23700 may resume the down move to 22500-22000, while sustaining above 24000 may lead a rally to 24500.

Tradzo Research
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