NIFTY 50 is currently trading at 22,082.65, facing crucial support and resistance levels. Based on technical analysis, two possible scenarios are emerging:
Bullish Case: If NIFTY breaks above 24,050, it could see a strong uptrend, targeting 26,277, 28,052, and ultimately 31,996 in the long term.
Bearish Case: A breakdown below 20,285 may lead to a further decline towards 18,837, 17,735, and possibly 15,007, testing previous long-term supports.
Reasons for Analysis:
Market Structure: NIFTY is in a corrective phase after a significant uptrend.
Key Levels: Identified historical support & resistance zones.
Volatility & Sentiment: Uncertain macroeconomic conditions and global market movements.
Trend Confirmation Needed: A breakout or breakdown will determine the next big move.
Conclusion
Traders should monitor 24,050 (resistance) and 20,285 (support) for confirmation of either trend. Stay cautious and manage risk accordingly! 🚀📉
Bullish Case: If NIFTY breaks above 24,050, it could see a strong uptrend, targeting 26,277, 28,052, and ultimately 31,996 in the long term.
Bearish Case: A breakdown below 20,285 may lead to a further decline towards 18,837, 17,735, and possibly 15,007, testing previous long-term supports.
Reasons for Analysis:
Market Structure: NIFTY is in a corrective phase after a significant uptrend.
Key Levels: Identified historical support & resistance zones.
Volatility & Sentiment: Uncertain macroeconomic conditions and global market movements.
Trend Confirmation Needed: A breakout or breakdown will determine the next big move.
Conclusion
Traders should monitor 24,050 (resistance) and 20,285 (support) for confirmation of either trend. Stay cautious and manage risk accordingly! 🚀📉
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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.
Related publications
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.