NIFTY - Intraday 21 April 2025 - Caution advised near 24050. Wait for pullback for any fresh long trades.

Hello everyone, 

As anticipated, there is an upward gap followed by a secular trend that will test 24050. This is the level when prudence is required. Examine the hourly RSI, which is currently operating in a divergence from the prior gain.

There are two possible outcomes. In the first place, it should consolidate if it must increase further. It is possible for this consolidation range to be 200 points. Perhaps you might claim that the range is between 24,000 and 23,800 levels. At 23500 levels, we'll have a lot of help. Following a consolidation, it can increase to 24400 levels or even higher.

Alternate perspective is still another method. The Dow Future is still down 300 points. How long can Nifty outperform the major international indices? In the same vein, we cannot consider taking action with a pause below the 23800–23700 levels.

If it must fall, it will either fall today or it might fall as much as possible by tomorrow. In any fall, I hope it doesn't break 23500. However, this streak will come to an end if it does. Keep an eye out for repeated dips in Nifty futures for discounts.

On other hand I don't find strength in any sector except banks. Just be cautious and wait for next move to be decided by market.