Jun. 23 at 5:31 AM
$NIFTY50.NSE
Technical View-
Today,
$NIFTY opened with a gap-down due to geo-political tensions, but it is still holding above the crucial support level of 24,800. On Friday,
$NIFTY opened at 24,811.80, made a low of 24,809.50, a high of 25,137, and closed at 25,111.70. Today,
$NIFTY opened at 24,994.90, made a high of 25,017.70, a low of 24,825, and is currently trading around 24,925, which indicates that it is taking support near its 14-day EMA.
The MACD remains in the positive zone and RSI is around 52, suggesting neutral momentum.
The 14, 55, and 200-day EMAs are acting as strong support levels for
$NIFTY. However, weakness in the IT sector has added pressure on the index, as heavy selling was witnessed in IT heavyweights like
$INFOSYS,
$TCS,
$HCL Tech, and OFSS, following a sharp fall in Accenture shares and concerns over reduced U.S. government spending.
The
$NIFTY IT index has declined nearly 1%, weighing on overall market sentiment. Additionally, a global risk-off mood and weakness across Asian markets, coupled with elevated volatility (India VIX up nearly 5%), have contributed to the selling pressure in Indian equities.
For the short term, 24,800 remains a crucial downside support zone, while 25,000 is acting as an immediate resistance. If Nifty manages to break and sustain above 25,000, and global markets remain positive, we can expect further upside towards the 25,250–25,300 levels.
