* A **rising wedge** pattern is clearly forming, marked by two upward sloping blue trendlines.
* Inside this wedge:
* Multiple **price swings** (higher highs and higher lows) are visible.
* Recent breakout attempts are marked with zig-zag arrows showing potential breakout direction
📈 **Bullish Signals:**
1. **Strong Uptrend:**
* A sustained rally from \~23,000 up to the current levels (\~24,500) indicates strong bullish momentum.
2. **Breakout Potential:**
* Price is attempting to break out above the rising wedge pattern.
* Immediate **bullish target zone** is around **24,596 to 24,754**, marked with a green "Target" label.
3. **Volume Surge:**
* Recent bullish candles are supported by increased volume, suggesting real interest in the breakout.
📉 **Bearish Risks:**
1. **Rising Wedge Risk:**
* Rising wedge patterns often lead to **bearish breakdowns**.
* If the support of the wedge is broken, the **first downside target** is marked at **24,369**, and **next support** at **24,291**.
2. **Volume Divergence:**
* Although there's some volume on bullish moves, the consistency is lacking compared to the strong rally before April 23.
**Key Price Levels:**
| 24,754.90 | Resistance | Upper range of rising wedge (target) |
| 24,596.40 | Resistance | First bullish target zone |
| 24,520.00 | Minor Resistance | Recent swing high |
| 24,369.45 | Support | First bearish target if wedge breaks |
| 24,291.25 | Key Support | Critical support, below wedge trendline |
| 23,786.80 | Strong Support | Previous consolidation breakout zone |
**Conclusion:**
* The Nifty is in a **tight rising wedge**, typically a **bearish** reversal pattern. However, if bulls can push past **24,520–24,596**, it may invalidate the pattern and open further upside.
* Until a confirmed breakout or breakdown occurs, traders should remain cautious and wait for **volume-backed confirmation**.
* Inside this wedge:
* Multiple **price swings** (higher highs and higher lows) are visible.
* Recent breakout attempts are marked with zig-zag arrows showing potential breakout direction
📈 **Bullish Signals:**
1. **Strong Uptrend:**
* A sustained rally from \~23,000 up to the current levels (\~24,500) indicates strong bullish momentum.
2. **Breakout Potential:**
* Price is attempting to break out above the rising wedge pattern.
* Immediate **bullish target zone** is around **24,596 to 24,754**, marked with a green "Target" label.
3. **Volume Surge:**
* Recent bullish candles are supported by increased volume, suggesting real interest in the breakout.
📉 **Bearish Risks:**
1. **Rising Wedge Risk:**
* Rising wedge patterns often lead to **bearish breakdowns**.
* If the support of the wedge is broken, the **first downside target** is marked at **24,369**, and **next support** at **24,291**.
2. **Volume Divergence:**
* Although there's some volume on bullish moves, the consistency is lacking compared to the strong rally before April 23.
**Key Price Levels:**
| 24,754.90 | Resistance | Upper range of rising wedge (target) |
| 24,596.40 | Resistance | First bullish target zone |
| 24,520.00 | Minor Resistance | Recent swing high |
| 24,369.45 | Support | First bearish target if wedge breaks |
| 24,291.25 | Key Support | Critical support, below wedge trendline |
| 23,786.80 | Strong Support | Previous consolidation breakout zone |
**Conclusion:**
* The Nifty is in a **tight rising wedge**, typically a **bearish** reversal pattern. However, if bulls can push past **24,520–24,596**, it may invalidate the pattern and open further upside.
* Until a confirmed breakout or breakdown occurs, traders should remain cautious and wait for **volume-backed confirmation**.
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.