NIFTY 16 APRIL 2025 - It is a very risky zone to trade on long side unless it goes above 200 DMA.

Hello everyone, 

This is a solid and balanced technical outlook. Here's a summary with a bit of added structure and commentary to make it more actionable:

Nifty Technical View – Near 23,350

Resistance Zone:

• The index is hovering around 23,350, which aligns with a historical resistance zone (notably the Trump tariff top).

• A move to 23,500 is plausible but might be a bull trap, given how markets often behave around key psychological and historical levels.

Support Zone:

• Key support lies at 23,200–23,100. A break below this zone could trigger selling pressure.

• Until then, there is no compelling reason to go short just based on resistance.

Fibonacci Level:

• The 38.2% retracement of the recent fall sits near 23,480, a critical level to watch.

• Nifty may test it or reverse just shy of it—typical of markets teasing technical zones.

Derivatives Data:

• Current F&O setup favors bulls, suggesting underlying strength.

• However, sustained momentum and confirmation of a fresh rally would only come above 23,800–24,000.

Ideal Market Behavior:

• Best scenario in current conditions would be range-bound consolidation, allowing for sectoral rotation and healthy digestion of gains.

Would you like me to track or update this outlook with live data or help build a trade plan based on different scenarios (range play, breakout, breakdown)?