- The Nifty 50 witnessed profit booking during the latest session and closed near 23,767, slipping below the immediate resistance zone after failing to sustain higher levels. The index continues to trade within a broad consolidation range, indicating indecisiveness as buyers and sellers remain evenly matched.
- On the daily chart, the index is hovering around its short-term moving averages, while the 200-day EMA continues to provide strong long-term support. The recent rejection near the 24,100–24,200 supply zone suggests that bullish momentum has weakened. Additionally, the RSI has slipped below the 50 mark, indicating fading momentum and a cautious near-term outlook.
- From a technical perspective, the index is likely to remain range-bound with a slightly negative bias unless it reclaims the 24,100–24,200 resistance zone. Immediate support is placed at 23,500–23,400, followed by 23,000, while resistance is seen at 24,100 and 24,400. A decisive breakout above resistance could revive bullish momentum, whereas a breakdown below support may trigger further selling pressure.
| LTP | R1 | R2 | S1 | S2 |
|---|---|---|---|---|
| 23,767.45 | 24,100 | 24,400 | 23,400 | 23,000 |
WAHID MOHD HUSSAIN ANSARI
Digitally signed by WAHID MOHD HUSSAIN ANSARI Date: 2026.07.27 08:39+05:30
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