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Nifty ended Tuesday’s trading session 92 points higher to form a Doji candle as the short-term trend of the index continues to be positive with range-bound action.Having sustained above the hurdle of 23,515 levels (1.382% Fibonacci extension), one may expect Nifty to move towards the next resistance of 1.786% Fib extension at 23,950 levels in the near term, while immediate support is placed at 23,450, said Nagaraj Shetti of HDFC Securities.Open Interest (OI) data showed that on the call side, the highest OI was observed at 24,000 and 24,500 strike prices. On the put side, the highest OI was at 23,000 strike price.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesFollowing a strong start, Nifty remained within a range as the index formed another day of muted movement on the daily chart. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually it has moved up above 23,500. The trend looks positive from here, with support placed at 23,300. A fall below 23,300 might induce selling pressure. On the higher end, the index might move towards 23,800.Shrikant Chouhan, Kotak SecuritiesFor trend following traders now, 23,500/77,000 would be the key support level. As long as the market is trading above the same, the bullish sentiment is likely to continue. On the higher side, the market could rally up to 23,700-23,750/77,600-77,800. On the other side, below 23,500/77,000 the sentiment could change. Below the same traders may prefer to exit out from the trading long positions.Rajesh Bhosale, Angel OneWith a bullish undertone, traders should focus on trades outside the index, as the real action lies there. Regarding levels, immediate support is around the bullish gap near 23,500, with key support at 23,350. In the uncharted territory, 23,650 to 23,700 appears to be immediate resistance. Traders are advised to monitor these levels and set up their trades accordingly.Tejas Shah, JM Financial & BlinkXNifty is still making a higher high on the daily, weekly and monthly charts, which is a positive sign. Nifty closed above the critical resistance level of 23,350 last week and we believe that it is likely to test the next resistance zone of 23,750-800 in the next few days. Support for the index is now seen at 23,500 and 23,300-350 levels. On the higher side, immediate resistance is at 23,575-600 levels and the next resistance zone is at 23,750-800 levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The power ministry has announced it has directed all utilities to "maintain a high state of alert and minimize forced equipment outages" due to the increased electricity demand driven by the ongoing heatwave, particularly in the northern region where the monsoon has yet to arrive.The ministry's statement highlighted that the northern region has faced high electricity demand since May 17, 2024, due to the heatwave. Despite these tough conditions, the highest-ever peak demand of 89 GW in the northern region was successfully met on June 17, 2024.This was achieved by importing 25-30 percent of the region's power needs from neighboring regions, the ministry noted.The India Meteorological Department (IMD) predicts that heatwave conditions in North-West India will ease starting June 20.To meet the rising electricity demand and ensure an adequate power supply across the country, the Ministry of Power has taken several steps to handle the record peak demand of 250 GW this summer.The ministry projects that peak demand could reach 260 GW during this season.These measures include directives under Section 11 of the Electricity Act, 2003, mandating imported coal-based (ICB) plants to continue providing generation support during periods of high demand.These measures include directives under Section 11 of the Electricity Act, 2003, requiring imported coal-based (ICB) plants to continue providing generation support during the high demand period.The ministry has directed power generating units to minimize planned maintenance during this period.Efforts are being made to minimize partial and forced outages to maximize the availability of generation capacity. Plants on long-term outages have been encouraged to revive their units to ensure maximum power generation.All generating companies (GENCOs) have been advised to keep their plants in good condition to ensure full capacity availability for the optimal operation of various generation sources.Regarding coal stock maintenance, the ministry stated that adequate coal stocks are being maintained at coal-based thermal stations.Hydro stations have received guidance to conserve water during hours of high solar output. They are encouraged to maximize power generation when solar energy is less available to ensure a steady power supply around the clock.Gas-based power plants are being directed to support the grid under Section 11 of the Electricity Act, 2003. About 860 MW of extra gas-based capacity from non-NTPC sources has also been secured through competitive bidding for the summer season.Additionally, approximately 5,000 MW of NTPC gas-based capacity has been placed on standby. This capacity is ready to operate immediately if required.Surplus power from generating stations, when not requisitioned, is to be offered in the market. This is in line with the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022, and any amendments. This allows any buyer to utilize the available power from the market.States also have the option to arrange power exchanges with other states that have surplus capacity through the PUShP portal.