Tech View: Minor pullback rally likely in Nifty, crucial resistance at 24,750. How to trade on Monday
Nifty formed a long bearish candle on the weekly chart on Friday. Technically, this suggests that the markets are likely to remain under pressure in the near term.
However, there is a possibility of a minor pull-back rally or sideways consolidation in the next 1 or 2 days after a sharp fall, which was witnessed in Friday’s trading session.
Support for Nifty is now seen at 24,100 and 24,000. On the higher side, immediate resistance is at 24,450-500 levels and the next crucial resistance is at 24,700-750 levels, said Tejas Shah, Technical Research Analyst at JM Financial & BlinkX.
In the open interest (OI) data, the highest OI on the call side was observed at 24,400 and 24,300 strike prices, while on the put side, the highest OI was at 24,200 strike price followed by 245,100.
What should traders do? Here’s what analysts said:
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