Nifty 30 April 2025 : All eye must be on 24200 support. As long as 24200 holds, bulls are safe.
Hello everyone,
It was a flat and silent Tuesday. We have Nifty expiry today. Thiswill definitely add volatility. Fine, as long as it is above 24200, I will not suggest shorting Nifty. Have a look on hourly chart too.
We must note following points.
- There is no charting threat for fall.
- It is over bought condition which is compelling for fall. Remember, Indian market has history of extension of rise in over bought condition.
- As long as it is above immediate support, avoid shorting. Right now threshold is at 24200 levels.
- India VIX is 17.40. Any value above 17 indicates fear. This is concerning, hence rise may be limited.
- This is Reliance based rise from past 2 days. Remember, normally people buys Reliance when they want to be safe. It's means people are finding this market risky.
- Hourly chart has too many RSI divergence and threshold is inching up. That threshold is 24200.
- As 9f n9w this looks buy in dip for intraday but only if it holds 24200. If it breaks 24200 then we can see 24000.
- Crucial support is at 23800.
- Resistance is at 24500 as per derivative data.
- Normal market range should be 24200 to 24500. Beyond this it will see derivative unwinding.
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