Nifty Finance
Nifty Finance Daily Chart Analysis
Nifty Finance is currently trading near a diagonal support line on the daily chart. After taking strong support, the price has shown bullish momentum, first forming a Piercing pattern and now a Bullish Engulfing pattern with a large bullish candlestick. The price is trading near 24,000, and the next move will depend on how it reacts at key levels.
Key Levels and Scenarios
Bullish Move:
-If the price continues to hold above the support and crosses 24,000, it could indicate a strong bullish move.
-In this scenario, the price could rise towards 25,000, with an extended target at 25,500 in the coming days.
-23,400 will act as a key support level during this potential upside move.
Bearish Breakdown:
-If the price fails to hold the support and breaks below 23,300, it would signal a bearish breakdown.
-This breakdown could lead to a significant decline towards 22,700 initially, with a further downside target around 22,000.
-After the breakdown, 23,400 will become the key resistance level.
#Trading #Investing #TechnicalAnalysis
Nifty Finance is currently trading near a diagonal support line on the daily chart. After taking strong support, the price has shown bullish momentum, first forming a Piercing pattern and now a Bullish Engulfing pattern with a large bullish candlestick. The price is trading near 24,000, and the next move will depend on how it reacts at key levels.
Key Levels and Scenarios
Bullish Move:
-If the price continues to hold above the support and crosses 24,000, it could indicate a strong bullish move.
-In this scenario, the price could rise towards 25,000, with an extended target at 25,500 in the coming days.
-23,400 will act as a key support level during this potential upside move.
Bearish Breakdown:
-If the price fails to hold the support and breaks below 23,300, it would signal a bearish breakdown.
-This breakdown could lead to a significant decline towards 22,700 initially, with a further downside target around 22,000.
-After the breakdown, 23,400 will become the key resistance level.
#Trading #Investing #TechnicalAnalysis
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