Weekly and intraday Nifty levels 24 April 2023

Weekly and intraday Nifty levels:

Weekly Nifty Levels:

The Nifty index has been trading within a range between 18000 and 17800 for the past week. The 18000 level has been acting as a strong resistance, while the 17800 level has been providing support to the index. If the Nifty breaks above 17600, it could move higher towards the next resistance level at 17800 or 18000. However, if it falls below the 17600 level, it may find support at 17400.

In addition, there is a trend line of resistance at 17677, which the index has been struggling to break for the past few days. If the Nifty breaks above this trend line, traders can consider buying call options with a target of 17730.

Intraday Nifty Levels:

For intraday traders, here are some levels to watch out for while trading the Nifty index. The first level to watch out for is 17677, which could act as a resistance level. If the Nifty breaks above this level, traders can take a call option position with a target of 17730.

On the other hand, if the index breaks below 17580, traders can consider buying put options with a target of 17500.

Overall, the Nifty index has been trading within a range and traders need to be cautious while taking positions. It's important to keep an eye on the support and resistance levels, as well as the trend line of resistance, to make informed trading decisions.

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