Technical Analysis of S&P CNX Nifty Index Futures (15-Min Chart)The chart highlights a consolidation phase near a resistance zone after a bullish move from lower levels. Below is a detailed analysis, including the bullish and bearish scenarios, with potential entry and exit points.
Key Observations
Trend Overview:
The price has been consolidating near the 24,376–24,400 resistance zone after a sharp uptrend.
A clear breakout above this resistance could confirm further bullish momentum, while rejection at this level may signal a pullback.
Support Levels:
24,164–24,190: Key support zone (aligned with NY Midnight Open at 24,191.2), providing short-term buying interest.
23,608–23,650: Major demand zone where the prior uptrend originated, acting as a strong support level.
Resistance Levels:
24,376–24,400: Immediate resistance zone, with visible selling pressure.
24,568–24,600: Secondary resistance zone and potential breakout target.
24,724–24,750: Major resistance area, marking the extended bullish target.
Volume Analysis:
High Sell Volume (512.65K): Indicates significant selling pressure near 24,376, confirming this as a key resistance level.
Buy-side interest remains active near 24,190, preventing a deeper correction so far.
Bullish Scenario
Conditions for a Bullish Move:
Price must break above 24,400 with strong volume, confirming a breakout of the resistance zone.
Sustained buying pressure would push the price toward higher resistance levels.
Entry Points:
Aggressive Entry: Buy near the 24,164–24,190 support zone, with a stop-loss below 24,150.
Conservative Entry: Buy on a confirmed breakout and retest above 24,400, with a stop-loss below 24,350.
Exit Points (Take Profit):
First Target: $24,568–$24,600 (secondary resistance zone).
Second Target: $24,724–$24,750 (major resistance and extended target).
Invalidation:
A breakdown below 24,150 would invalidate the bullish setup.
Bearish Scenario
Conditions for a Bearish Move:
Price fails to break above 24,400, indicating strong selling pressure.
A confirmed breakdown below 24,164 would open the path for further downside.
Entry Points:
Aggressive Entry: Short near the 24,376–24,400 resistance zone if rejection is visible, with a stop-loss above 24,420.
Conservative Entry: Short after a confirmed breakdown below 24,164, with a stop-loss above 24,200.
Exit Points (Take Profit):
First Target: $24,000 (psychological support level).
Second Target: $23,650–$23,608 (major demand zone and strong support).
Invalidation:
A breakout above 24,420 would signal potential bullish continuation.
Key Indicators to Monitor
Volume Behavior:
Watch for increased buying volume near 24,190, supporting the bullish case.
Sustained selling volume near 24,400 would confirm bearish rejection.
Breakout Levels:
A breakout above 24,400 could trigger bullish momentum toward 24,568 or higher.
A breakdown below 24,164 signals a bearish move targeting lower levels.
Market Sentiment:
The consolidation phase suggests indecision; a breakout or breakdown will clarify the direction.
Summary of Probable Entry & Exit Points
Scenario Entry Zone Stop-Loss Target Levels
Bullish $24,164–$24,190 (Aggressive) or above $24,400 (Conservative) $24,150 $24,568, $24,724
Bearish $24,376–$24,400 (Aggressive) or below $24,164 (Conservative) $24,420 $24,000, $23,608
Conclusion
Bullish Outlook: A breakout above 24,400 can lead to a rally toward 24,568 and potentially 24,724.
Bearish Outlook: A failure to break 24,400 or a breakdown below 24,164 may lead to declines toward 24,000 or 23,608.
Traders should monitor the price action around 24,400 and 24,164 to identify the next significant move, while using tight stop-losses to manage risk.
