**Nifty 50 Daily Chart Analysis & Next Week's Outlook**
🔹 Trend Analysis**
- Nifty is still in a **downtrend**, trading within a **descending channel** (marked by parallel trendlines).
- Multiple **sell signals** have appeared during the decline, but a recent **buy signal** suggests a potential short-term bounce.
- The **price is currently near the lower channel support**, making this a **critical inflection point**.
🔹 Key Support & Resistance Levels**
| **Resistance 3** | **22,800 - 23,000** | Major breakout needed for bullish reversal |
| **Resistance 2** | **22,600 - 22,700** | Short-term hurdle (trendline & Fib resistance) |
| **Resistance 1** | **22,552 - 22,580** | Immediate level to watch |
| **Current Price** | **22,552** | Trying to hold above 22,500 |
| **Support 1** | **22,381 - 22,297** | Short-term support, must hold for bounce |
| **Support 2** | **22,166 - 21,806** | If broken, sharp downside towards 21,800 |
🔹 Indicators & Momentum**
1. **Trend Meter** → Still showing **weak bearish trend**, but some green bars indicate possible relief rally.
2. **ADX & Strength**:
- **ADX (Blue) is rising** → Trend strength increasing.
- **DI+ (Green) trying to cross DI- (Red/Pink)** → If successful, a short-term uptrend may start.
3. **Cumulative Delta Volume**:
- Still showing **negative cumulative delta**, meaning institutional selling is still strong.
- If buyers step in, we may see a **short-term bounce**, but it needs confirmation.
🔹 Fibonacci Retracement Zones**
- **22,600 is a key Fib level** (0.236 retracement).
- If Nifty breaks **22,600 with strong volume**, it can move toward **22,800-23,000**.
- Failure to break **22,600** could lead to another **leg down towards 22,166-21,800**.
📌 Next Week's Expected Scenarios**
| **Scenario** | **Probability** | **Key Level to Watch** |
| **Bounce towards 22,600+** | **Moderate** | Needs to stay above 22,381 |
| **Break above 22,600 → 22,800 next** | **Low-Moderate** | Needs strong volume & ADX > 25 |
| **Rejection at 22,600 → Retest of 22,297** | **High** | If selling pressure remains |
| **Break below 22,166 → Drop to 21,800** | **Possible** | If weak bounce fails |
Key Takeaways**
- **Immediate hurdle at 22,600** → Breakout needed for upside.
- **If rejected at 22,600**, Nifty may test **22,297** or even **22,166**.
- **A strong bounce can push towards 22,800-23,000**, but only if volume supports.
🔹 Trend Analysis**
- Nifty is still in a **downtrend**, trading within a **descending channel** (marked by parallel trendlines).
- Multiple **sell signals** have appeared during the decline, but a recent **buy signal** suggests a potential short-term bounce.
- The **price is currently near the lower channel support**, making this a **critical inflection point**.
🔹 Key Support & Resistance Levels**
| **Resistance 3** | **22,800 - 23,000** | Major breakout needed for bullish reversal |
| **Resistance 2** | **22,600 - 22,700** | Short-term hurdle (trendline & Fib resistance) |
| **Resistance 1** | **22,552 - 22,580** | Immediate level to watch |
| **Current Price** | **22,552** | Trying to hold above 22,500 |
| **Support 1** | **22,381 - 22,297** | Short-term support, must hold for bounce |
| **Support 2** | **22,166 - 21,806** | If broken, sharp downside towards 21,800 |
🔹 Indicators & Momentum**
1. **Trend Meter** → Still showing **weak bearish trend**, but some green bars indicate possible relief rally.
2. **ADX & Strength**:
- **ADX (Blue) is rising** → Trend strength increasing.
- **DI+ (Green) trying to cross DI- (Red/Pink)** → If successful, a short-term uptrend may start.
3. **Cumulative Delta Volume**:
- Still showing **negative cumulative delta**, meaning institutional selling is still strong.
- If buyers step in, we may see a **short-term bounce**, but it needs confirmation.
🔹 Fibonacci Retracement Zones**
- **22,600 is a key Fib level** (0.236 retracement).
- If Nifty breaks **22,600 with strong volume**, it can move toward **22,800-23,000**.
- Failure to break **22,600** could lead to another **leg down towards 22,166-21,800**.
📌 Next Week's Expected Scenarios**
| **Scenario** | **Probability** | **Key Level to Watch** |
| **Bounce towards 22,600+** | **Moderate** | Needs to stay above 22,381 |
| **Break above 22,600 → 22,800 next** | **Low-Moderate** | Needs strong volume & ADX > 25 |
| **Rejection at 22,600 → Retest of 22,297** | **High** | If selling pressure remains |
| **Break below 22,166 → Drop to 21,800** | **Possible** | If weak bounce fails |
Key Takeaways**
- **Immediate hurdle at 22,600** → Breakout needed for upside.
- **If rejected at 22,600**, Nifty may test **22,297** or even **22,166**.
- **A strong bounce can push towards 22,800-23,000**, but only if volume supports.
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.