Nifty Intraday Support & Resistance Levels for 07.01.2025

On Monday, Nifty opened on a positive note, reaching a high of 24,089.95. However, intense selling pressure dominated the session, driving the index over 500 points lower to a low of 23,551.90, breaking all near-demand/support zones. It finally settled at 23,616.05, losing 388 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways.

Demand/Support Zones
Near Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15

Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,966.95 - 24,054.30
Near Supply/Resistance Zone (15m): 24,164.90 - 24,210.30
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45 (tested)
Far Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)

Outlook
As predicted in posts since October 2024, Nifty is gradually slipping into bear market territory, evident from the sharp 674-point decline since touching the Daily Supply Zone on 2nd January. The current sentiment remains weak, with support levels being tested. Watch for 23,100 - 23,300 as a critical zone to hold and monitor for selling pressure near 23,900 - 24,400.