According to Nagaraj Shetti of HDFC Securities, the Nifty’s short-term trend is significantly bearish, with weakness evident across various timeframes. The key support level to watch for further downside is around 23,625, which aligns with the 38.2% Fibonacci retracement level. On the upside, immediate resistance is anticipated at 24,250.
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Now, once the dip gets bought into, we feel the turnaround could take us to 24,000, 24,200 over the next 8 to 10 trading sessions
February 6, 2025