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S&P CNX NIFTY INDEX FUTURES

Nifty Future Analysis

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snapshot

1. Price Action & Trend Analysis

  1. The NIFTY Futures has been in a strong downtrend since October 2024, with lower highs and lower lows.
  2. A black downward trendline is clearly acting as a dynamic resistance, rejecting price multiple times.


2. Gann Fan Analysis:

The Gann fan lines are visible, providing different angles of support and resistance.

The key Gann angles to watch:
  1. 1/1 Line (Steep Downtrend Line): The price is trending below this, indicating a strong bearish trend.
  2. 2/1 and 3/1 Lines: These are acting as resistance levels, confirming the selling pressure.
  3. If price moves above the 1/1 Gann line, a potential reversal could be seen, but as of now, it remains below the bearish zone.


3. Volume & Market Sentiment
  1. Latest Volume: 9.18M, which is relatively lower compared to 1 week ago (30.2M) but higher than the previous day (7.25M).
  2. This suggests decreasing participation in the downtrend, which could indicate potential consolidation before the next move.


4. Key Support & Resistance Levels

Support Zones:
  • 22,200-22,400: Current support based on Fibonacci & previous price action.
  • 21,600-21,800: Next strong demand zone if selling continues.
  • 20,800-21,000: Long-term support (historical demand zone).


Resistance Zones:
  • 23,407-23,500: First resistance (Fib 0.382 & Gann fan level).
  • 23,800-24,000: Major resistance (Fib 0.618, Gann fan rejection area).
  • 24,500-24,760: Strongest resistance (Fib 0.75 + supply zone).


5. Conclusion & Trading Strategy

  1. Bearish Bias: The market remains in a strong downtrend.
  2. Possible Short Setup: If price breaks below 22,200, the next target would be 21,600.
  3. Bullish Reversal Above 23,500: A move above this level could shift momentum toward 23,800-24,000.
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WealthKraft

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.