Nifty50 Important levels and analysis - 12 Dec 2024
After a 10-11% correction the Nifty50 found support at 23250 on 21 Nov 2024 which now acts as a stop-loss for Long term investors.
It broke the sloping trend-line on 25 Nov 2024 with a gap-up open, finding resistance at 23350 retraced to 23850 and then made a strong up move, this formation is a ideal setup for Swing Traders, who might have taken a trade at 24350 with a stop-loss at 23850.
Next smaller resistance was at 24540 which it broke convincingly on 5th Dec 2024.
But over this past one week, that strong move from 23250 has fizzled a little, which until yesterday was alright but today's 12 Dec 2024 bearish candle indicator re-tracement back to 24350.
Even though the market is in Rally mode, Level 24753 needs to be broken convincingly for this trend to continue. But it may take some effort as this level (24750) was the base level of the head and shoulder pattern that had formed over Sept-Oct.
I am expecting sideways moves in the near term, in the range of 24350 to 24750, but will turn bearish if 24350 support is broken. And bullish only if 24750 is broken with good volumes
Disclaimer: This is purely educational and part of my learning, I cannot provide any recommendations, just my educated analysis based on my experience, please consult a financial/investment advisor (which i am not) for any investment/trades.
It broke the sloping trend-line on 25 Nov 2024 with a gap-up open, finding resistance at 23350 retraced to 23850 and then made a strong up move, this formation is a ideal setup for Swing Traders, who might have taken a trade at 24350 with a stop-loss at 23850.
Next smaller resistance was at 24540 which it broke convincingly on 5th Dec 2024.
But over this past one week, that strong move from 23250 has fizzled a little, which until yesterday was alright but today's 12 Dec 2024 bearish candle indicator re-tracement back to 24350.
Even though the market is in Rally mode, Level 24753 needs to be broken convincingly for this trend to continue. But it may take some effort as this level (24750) was the base level of the head and shoulder pattern that had formed over Sept-Oct.
I am expecting sideways moves in the near term, in the range of 24350 to 24750, but will turn bearish if 24350 support is broken. And bullish only if 24750 is broken with good volumes
Disclaimer: This is purely educational and part of my learning, I cannot provide any recommendations, just my educated analysis based on my experience, please consult a financial/investment advisor (which i am not) for any investment/trades.
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