Intraday Support Resistance

As of February 14, 2025, the Nifty 50 index is exhibiting key support and resistance levels that traders should monitor for intraday strategies:

Support Levels:

First Support: 22,900

Second Support: 22,800

Resistance Levels:

First Resistance: 23,250

Second Resistance: 23,350

These levels are derived from recent market analyses and technical indicators. For instance, the Nifty 50 has been trading below its 21-day Exponential Moving Average (EMA) on the daily chart, with the Relative Strength Index (RSI) in a bearish crossover, indicating potential resistance around the 23,250 mark. 

Additionally, the formation of an inverted hammer pattern on the daily chart suggests a possible bullish reversal if the index manages to sustain above the immediate resistance levels. Conversely, a decisive move below the 22,800 support could signal further downside. 

Traders are advised to exercise caution and consider these levels when formulating intraday trading strategies. It's essential to stay updated with real-time market movements and employ appropriate risk management techniques.

Suggested Trading Strategy:

Sell on Rise: Consider selling Nifty futures near the 23,500 level, targeting the 23,000–22,775 zone, with a stop-loss at 23,600 on a closing basis. 

Buy on Dips: If the index holds above the 22,780 support level, a buy-on-dips approach is advisable, aiming for a move towards the 23,270–23,300 resistance zone.