Where the Nifty 50 index might head in the next few days?
Technical Analysis: The chart indicates that Nifty is currently near the 25,000 mark, with key Fibonacci retracement levels acting as resistance and support zones. A notable resistance is at the 0.382 level around 25,277, while the 0.618 level near 25,653 might be another hurdle if the index manages a short-term rally. Given the recent bearish momentum, a further drop could test the 24,900 level, especially if the index fails to break above the 25,277 resistance.
Outlook: Given the technical setup and the current FII-DII dynamics, the Nifty could remain under pressure if FII selling continues. Traders should watch the support at 24,900 closely, as a break below this level could signal further downside. Conversely, if the Nifty can hold above 25,000 and gain momentum past 25,277, it may target the 25,653 level as the next resistance.
The outlook is cautious, with a bias towards a bearish trend unless there's a reversal in FII sentiment or a strong technical breakout above key resistance levels
Outlook: Given the technical setup and the current FII-DII dynamics, the Nifty could remain under pressure if FII selling continues. Traders should watch the support at 24,900 closely, as a break below this level could signal further downside. Conversely, if the Nifty can hold above 25,000 and gain momentum past 25,277, it may target the 25,653 level as the next resistance.
The outlook is cautious, with a bias towards a bearish trend unless there's a reversal in FII sentiment or a strong technical breakout above key resistance levels
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