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GIFT Nifty 50 Index Futures – Retracement in ProgressThe GIFT Nifty 50 Index Futures chart shows a clear uptrend, with recent price action facing a corrective pullback after a strong rally. The price is currently approaching key Fibonacci retracement levels, offering a potential buying opportunity within the ascending channel. Technical Insights: Ascending Channel: The index has been moving in a well-defined upward channel since June 2024. The current retracement is testing the middle of this channel, which could provide support near the 38.2% Fibonacci retracement level at 25,039. Fibonacci Retracement: The price has retraced from its recent high of 25,828 and is testing the 38.2% retracement level at 25,039. If this level holds, we can expect the price to bounce back towards the upper channel resistance around 26,500. A deeper retracement could test the 50% level at 24,314 or the 61.8% level at 23,590, which align with the lower boundary of the channel. Support and Resistance: Support Levels : The immediate support lies at 25,039 (38.2% Fibonacci), followed by 24,314 (50% Fibonacci) and 23,590 (61.8% Fibonacci). Resistance Levels : Immediate resistance stands at 25,828 (recent high), followed by the upper channel boundary around 26,500 . Volume Analysis: Volume has spiked during this retracement, indicating that selling pressure is being absorbed. However, sustained buying interest is crucial to confirm any bounce from current levels. RSI (Relative Strength Index): The RSI has pulled back from overbought levels and is currently near the 50 mark, suggesting neutral momentum. A drop below 40 could indicate further downside, while a move above 60 would confirm a renewed uptrend. Outlook: Bullish Scenario : If the index finds support near 25,039 , we could see a rebound back towards the upper channel, with potential targets at 26,000 and 26,500 . Bearish Scenario: A failure to hold the 38.2% Fibonacci level could lead to further downside, with the next support levels at 24,314 (50% retracement) and 23,590 (61.8% retracement). The overall uptrend remains intact, but caution is advised as the index tests key support levels. Traders can look for confirmation of a bounce before entering long positions.
NSEIX:NIFTY1!
by AngshumanSaikia
GIFT Nifty 50 Index Futures AnalysisThe chart of GIFT Nifty 50 Index Futures shows a well-established upward trend, with the price action respecting key Fibonacci retracement levels. Here’s a professional analysis: Key Support and Resistance Levels: Resistance: The index is nearing the 0.00% Fibonacci level at 27,316.5, which could serve as an immediate resistance zone. A break above this level may lead to further bullish momentum. Support: The nearest support is at the 23.60% retracement level (25,883.5) , which coincides with the recent pullback. If this level breaks, the next significant support lies around the 38.20% retracement level at 24,997.0. 50.00% retracement level (24,280.5) marks another key support level that has historical significance based on past price action. Stronger support is found at the 61.80% retracement level (23,564.0) , which could potentially act as a long-term pullback zone if the index experiences a deeper correction. Trend Analysis: The chart is trending within an ascending channel, suggesting ongoing bullish momentum. However, the index has recently seen a pullback after reaching higher levels. The confluence of Fibonacci levels suggests that any decline towards 25,883.5 could be a healthy correction within the trend, potentially providing a good buying opportunity. Pullback Zones: The 25,883.5 level (23.60%) will be the first area to watch for a pullback. A break below this level might signal a more extended retracement to the 24,997.0 (38.20%) or 24,280.5 (50.00%) levels. If the selling pressure intensifies, the 61.80% level at 23,564.0 becomes a critical zone for reversal or accumulation. RSI and Volume: The RSI is in the overbought territory, signaling that a pullback may be imminent. This could indicate that the index needs to cool off before continuing its uptrend. Volume shows increasing activity, which supports the current trend, though declining volume during the recent upward move could hint at weakening buying pressure. Conclusion: Overall, the GIFT Nifty 50 Index Futures remain in an uptrend, but caution is warranted due to the overbought RSI and proximity to key resistance levels. Watching for potential pullbacks to the 23.60% and 38.20% retracement levels may provide favorable entry points for long-term bullish traders, while breaks below the 50.00% level could signal a deeper correction. This neutral outlook focuses on price action, with both upside potential and correction zones clearly defined.
NSEIX:NIFTY1!
by AngshumanSaikia