Nifty has strong support at 24K level

Nifty Index opened negative, but bulls took over in the initial couple of hours, which was followed by wiping off its intraday gains.

- Motilal Oswal Team

It dropped to 24000 levels and has been making lower lows from the last three sessions. It slightly recovered in the last hour and managed to close near 24150 zones. It formed an outside Bar and a Doji sort of candle on the daily frame, indicating indecisiveness and a tug of war between the bulls and bears. Now, until it holds below 24150 zones, some weakness could be seen toward 24000 then 23850 zones, while hurdles are placed at 24350 and 24500 zones.