Nifty Medium to Long Term Outlook.
Nifty on a weekly chart seems to be in the consolidation mode. With important geopolitical events that happened around the globe and India Nifty is trying to find a firm footing from where it can launch ahead. The events like Ukraine and Russia conflict, Israel and Iran++ conflict, Indian election results, Haryana assembly elections, US elections proved very volatile for the market. Upcoming events like China stimulus package and Maharashtra Elections will also be key for the direction of Nifty while moving ahead.
Best case Scenario for Nifty right now following the Parallel channel seems to be 27796 towards the mid and end of First quarter of 2025. (We would have to be a pure optimist to think it can reach close to 28K in the next 5/6 months but you never say never).
Median Scenario can keep Nifty range bound and we might find it exactly in the zone that it is right now that is between 24K and 25K.
Worst case scenario for Nifty seems to be between 20 and 21K as of now.(This is a less likely scenario but you never say never).
Major Support Levels for Nifty are at: 23816, 23211(Major Support 50 Weeks EMA-Mother Line), 22711, 21813, 21343 and 20858 (Channel Bottom Support).
Major Resistance levels for Nifty are: 24589, 25241, 25796, 26277, 27120 and 27796 (Channel Top Resistance).
To learn more about Parallel Channels and Mother, Father and Small Child theory read my book. The Happy Candles Way to Wealth Creation Available on Amazon in paper back and Kindle version. The book is now available on Google Play books in E-version too.
Disclaimer: The views are personal and request you not to take positions based on the above data. The chart and the levels given in the message are purely for the purpose of education.
Best case Scenario for Nifty right now following the Parallel channel seems to be 27796 towards the mid and end of First quarter of 2025. (We would have to be a pure optimist to think it can reach close to 28K in the next 5/6 months but you never say never).
Median Scenario can keep Nifty range bound and we might find it exactly in the zone that it is right now that is between 24K and 25K.
Worst case scenario for Nifty seems to be between 20 and 21K as of now.(This is a less likely scenario but you never say never).
Major Support Levels for Nifty are at: 23816, 23211(Major Support 50 Weeks EMA-Mother Line), 22711, 21813, 21343 and 20858 (Channel Bottom Support).
Major Resistance levels for Nifty are: 24589, 25241, 25796, 26277, 27120 and 27796 (Channel Top Resistance).
To learn more about Parallel Channels and Mother, Father and Small Child theory read my book. The Happy Candles Way to Wealth Creation Available on Amazon in paper back and Kindle version. The book is now available on Google Play books in E-version too.
Disclaimer: The views are personal and request you not to take positions based on the above data. The chart and the levels given in the message are purely for the purpose of education.
Happy Candles Investment
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.