NIFTY 17 APRIL 2025 - Get ready to have a litmus test on Nifty at 23500 levels. One must wait before adding long.

 

Hello everyone, 

As of now, I have few important points here.

Firstly, Nifty April future is trading at discount. 

Secondly, Nifty spot is very close to 38.20% retrechment levels which is at 23482 as of now. 

My next concern is that there aren't many stocks that are encouraging me and could serve as market catalysts whenever the market recovers.

In addition, I do not advise shorting this market until there is a breakout. Await the 23190 level break. For traders, it is very difficult to sit without a position, but one should perform this difficult task at this time.


The US market is still unsure. I anticipate a lot of downward revisions from the brokerage. 

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:

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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.

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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)?