my premarket analysis for 250723

2023년 7월 24일

Nifty is on a downward parallel channel and likely to open gap down below 19650. if the channel is broken and sustained below on 15-minute time frame, we could see a fall till 19560, which appears to be strong support.

Downside support appears to be 19645/19600/560.

As fin nifty expiry is also happening on which the max pain is @20500, with finnifty managing close just above 20500, any sustained candle below 20500 could trigger a run of PE writers leading to further fall, which could lead to nifty touching 19450

I am not seeing much of an upside unless the channel is broken on the upside for 250723.

the likely range is 19720-19550

this is my outlook and not an invite to trade. I am not SEBI registered RA. Please use your own due diligence before investing