Nifty — Key Levels & Setup 📊
Nifty is forming a contracting/symmetrical triangle pattern. This is typically a compression phase where a decisive breakout or breakdown can lead to a strong directional move.
Two levels are extremely crucial:
🔴 23,950 → Breakdown level
🟢 24,250 → Breakout level
Today’s PCR is around 0.63, which looks relatively comfortable.
A potential buying opportunity can be considered around 24,000–24,030, provided the support holds.
Trade setup:
🟢 Buy zone: 24,000–24,030
🛑 Stop-loss: 23,950
📌 Put writing around 24,000 is active, which could provide support.
On the upside, 24,200–24,300 remains a strong resistance zone.
For the closing:
• Above 24,100 → Slightly positive
• Above 24,220 → Stronger market structure
• Above 24,250 → Breakout confirmation
• 23,800–23,950 → Major danger zone; decisive break could trigger a major breakdown
The market is compressed — now the key is to watch which side of the triangle breaks.
1August 31, 2026 69
