Here's a technical analysis of the **Bank Nifty (Nifty Bank Index)** chart you've shared:
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### 🧠 **Pattern Analysis: Cup & Handle + Double Bottom**
- The chart clearly shows a **Cup and Handle** pattern forming from **December 2024 to mid-April 2025**, followed by a **bullish breakout** above the neckline at **₹51,990.40**.
- Within the base of the cup, there is also a visible **Double Bottom** (highlighted on chart), adding further **bullish confluence**.
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### 💥 **Breakout Confirmation**
- **Neckline**: ₹51,990.40
- **Current price**: ₹54,290.20 (Already broken out with strong follow-through)
- Breakout candle shows a **2.21% gain** with **high volume**, confirming a **valid breakout**
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### 🎯 **Target Projection**
- **Cup depth**: ~₹4,111.85
- **Target = Neckline + Depth = ₹51,990 + ₹4,111 = ₹56,100** (aligned with resistance at **₹56,050.70** on chart)
- Also, an alternative smaller cup handle gives a target of ~**₹54,467**, which seems to be almost achieved
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### 📊 **Volume Analysis**
- Strong volume spike at the breakout = confirmation of institutional buying
- Volume also increased on the right side of the cup and during the handle, which is ideal in such patterns
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### 🧱 **Support and Resistance Levels**
- **Immediate Support**: ₹51,990 (neckline)
- **Major Support Below**: ₹47,870 and ₹47,702 (double bottom zone)
- **Next Resistance Zone**: ₹56,050.70 (cup projection target)
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### 📌 **Summary**
- ✅ **Bullish breakout from Cup & Handle**
- ✅ Double Bottom within the structure adds confidence
- ✅ Volume confirmation present
- 📈 **Upside Target**: ₹56,000+ zone
- 🔁 Potential for retest of ₹52,000 before continuation
---
### 🧠 **Pattern Analysis: Cup & Handle + Double Bottom**
- The chart clearly shows a **Cup and Handle** pattern forming from **December 2024 to mid-April 2025**, followed by a **bullish breakout** above the neckline at **₹51,990.40**.
- Within the base of the cup, there is also a visible **Double Bottom** (highlighted on chart), adding further **bullish confluence**.
---
### 💥 **Breakout Confirmation**
- **Neckline**: ₹51,990.40
- **Current price**: ₹54,290.20 (Already broken out with strong follow-through)
- Breakout candle shows a **2.21% gain** with **high volume**, confirming a **valid breakout**
---
### 🎯 **Target Projection**
- **Cup depth**: ~₹4,111.85
- **Target = Neckline + Depth = ₹51,990 + ₹4,111 = ₹56,100** (aligned with resistance at **₹56,050.70** on chart)
- Also, an alternative smaller cup handle gives a target of ~**₹54,467**, which seems to be almost achieved
---
### 📊 **Volume Analysis**
- Strong volume spike at the breakout = confirmation of institutional buying
- Volume also increased on the right side of the cup and during the handle, which is ideal in such patterns
---
### 🧱 **Support and Resistance Levels**
- **Immediate Support**: ₹51,990 (neckline)
- **Major Support Below**: ₹47,870 and ₹47,702 (double bottom zone)
- **Next Resistance Zone**: ₹56,050.70 (cup projection target)
---
### 📌 **Summary**
- ✅ **Bullish breakout from Cup & Handle**
- ✅ Double Bottom within the structure adds confidence
- ✅ Volume confirmation present
- 📈 **Upside Target**: ₹56,000+ zone
- 🔁 Potential for retest of ₹52,000 before continuation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.