#nifty50 - 16th DECEMBER
NIFTYNifty 50 Chart Analysis - Key Insights & Trading Plan
Key Observations:
Support and Resistance Levels:
Support: 24,497 | 24,586.95 | 24,662.40
Resistance: 24,783.85 | 24,837.90 | 24,891.90
Price Movement:
The price witnessed a downtrend followed by a strong recovery.
A sharp upward movement has brought the price near 24,783.85, a significant resistance level.
Current Position:
The price is hesitating near the 24,783.85 resistance level, signaling a critical decision point.
Trading Plan:
Bullish Scenario:
Breakout Above 24,783.85:
Target: 24,837.90 → 24,891.90.
Stop-Loss: Below 24,750.
Bearish Scenario:
Rejection at 24,783.85:
Target: Support levels at 24,662.40 → 24,586.95.
Stop-Loss: Above 24,800.
Consolidation Strategy:
Range-Bound Movement between 24,662.40 (support) and 24,783.85 (resistance):
Buy near support,
Sell near resistance.
Summary:
Breakout → Go long (buy).
Rejection → Look for short opportunities.
Watch for volume confirmation during breakouts or rejections to confirm strength.
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