#NIFTY 50 – Technical Daily Outlook

#NIFTY50 continues to trade within a corrective
structure after facing rejection from the recent swing
high. Price is now approaching a crucial demand zone
around 23,790–23,625, which could determine the market's next directional move.
The current price action suggests the index may be completing a Wave (b) correction. As long as the highlighted support zone remains intact, buyers could step in and trigger a fresh impulsive move toward the upside. A successful defense of this area may pave the way for a rally toward the 24,780 resistance zone, where the next major supply is expected.
However, if the support fails to hold, the correction could extend toward the broader demand region near 23,390–23,115, before a stronger bullish reversal develops.
Key Levels
Immediate Support: 23,790–23,625
Major Support: 23,390–23,115
Immediate Resistance / Target: 24,780
Bullish Invalidation: Sustained move below 23,625 increases the probability of a deeper correction toward 23,390–23,115.
Outlook
The broader trend remains constructive while the index holds above the primary support zone. Traders should monitor price action around 23,790–23,625 for bullish confirmation. A strong rebound from this region could offer an opportunity for a move toward 24,780, whereas a decisive breakdown would shift the focus to lower support before the next leg higher.