Nifty 50 Today: Buy the Dip Near 22,300 for Short-Term Gains
Nifty 50 Today: Nifty 50 opened higher and touched 22,447 before dipping slightly to trade at 22,404—up 0.3%. The advance-decline ratio of 36:13 shows a positive market sentiment. However, the momentum isn't very strong.
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Key Support and Resistance Levels
The index has an important support zone between 22,300 and 22,350. If the Nifty dips to this range, it could bounce back towards 22,450–22,600.
But if it falls below 22,300, we may see further downside towards 22,200 or even lower.
Nifty 50 Futures Outlook
The Nifty 50 April Futures is trading at 22,397, up 0.18%. Support is seen at 22,300. As long as the price stays above this level, the trend is positive. A bounce could push the futures towards 22,600 in the next day or two.
But if it breaks below 22,300, it may slip to 22,150.
Global Market Update
Asian markets are mixed.
- Shanghai Composite: down 0.4%
- Hang Seng: up 1.64%
- Nikkei 225: up 0.5%
- Kospi: up 0.13%
Meanwhile, the Dow Jones (38,240) has risen above the 38,100 resistance. If this trend continues, it may rise to 38,700.
Trading Strategy for Today
Traders can go long near 22,320 with a stop-loss at 22,280.
- Trail stop-loss to 22,345 if price moves to 22,370
- Move stop-loss to 22,390 if price hits 22,410
- Exit long positions at 22,430
Important Levels to Watch
- Supports: 22,300, 22,150
- Resistances: 22,530, 22,600
Also Read: Nifty, Sensex to Start Strong Amid Global Market Rally
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