Nifty 50 Analysis: Head and Shoulders Pattern Completed
Earlier, I shared my personal analysis of Nifty 50, highlighting the formation of a potential head and shoulders pattern. At the time, I noted key levels:
Resistance at 25,400: If Nifty broke above this level, I would wait for confirmation from the next candle before making any moves.
Support at 24,800: A drop below this would signal the start of a downtrend, prompting caution and a hold on trades.
Now, the pattern has fully formed, and the next critical step is to observe tomorrow's candle. If Nifty stays below 24,800, it would confirm the downtrend, signaling a good time to prepare for buying opportunities as stocks become more attractively priced.
Resistance at 25,400: If Nifty broke above this level, I would wait for confirmation from the next candle before making any moves.
Support at 24,800: A drop below this would signal the start of a downtrend, prompting caution and a hold on trades.
Now, the pattern has fully formed, and the next critical step is to observe tomorrow's candle. If Nifty stays below 24,800, it would confirm the downtrend, signaling a good time to prepare for buying opportunities as stocks become more attractively priced.
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