The recommended trading strategy for bullish traders would be to monitor the index’s performance closely and observe if it closes above 24,575. In such a scenario, bullish opportunities in the index could be explored, and a stop-loss limit should be placed below 24000 on a closing basis. However, if the index closes below 24000 on any day, the next support level is expected to be at 234,50 and 22,725.
Hence, traders are advised to book profits and wait for a correction to complete in this scenario.
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In conclusion, traders looking to invest in the index should closely monitor the index’s performance and look for bullish opportunities if it closes above the resistance level of 24,575. A stop-loss limit should be set at 24,000, and traders should be prepared for a correction in the event of a close below this level.
Overall, it is crucial to keep a watchful eye on the market trends and make informed trading decisions to optimise gains and minimise potential losses.