Nifty 50 opened today with a wide gap and is quoting lower in a percentage of 24,625. The increase in geopolitical tensions after Israel’s link in Iran is weighing the markets. Nifty made an intra -dialy of 24,473 and has increased well from there. This indicates the presence of buyers at lower levels. We will have to wait and see if you are getting a strong monitoring duration of the day or not. The progress ratio/decline is at 3:47. This maintains the negative feeling.
Nifty has support in 24,500, which seems to be fine for now. If the ingenious manages to keep above this support, you can see an increase to 24,750-24,850 in the next sessions.
Nifty will be under more sale pressure if it decreases below 24,500 again. A sustained fall below 24,500 can drag it to 24,350.
The Nifty 50 June Futures (24,665) has dropped approximately 1.1 percent. The contract has returned very well since its minimum intradication of 24,575. But the resistance is around 24,730. The contract has to violate this obstacle decisively to gain some strength. Only then an increase to 24,800 and higher levels will enter the scene.
While the contract works below 24,730, there is a danger of seeing 24,400 in the inconvenience.
Nifty 50 has bounced from a key support, but the Nifty 50 Futures Contract has a key resistance ahead. Since both are giving several signs, we suggest merchants to stay out of the market. See how the market closes for today and operations can be taken accordingly next week.