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NIFTY IND DEFENCENIFTY IND DEFENCENIFTY IND DEFENCE

NIFTY IND DEFENCE

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NIFTY_IND_DEFENCE trade ideas

NIFTY INDIA DEFENCE SHOULD CORRECT TO FILL GAP.. CAUTIOUSThis is a technical analysis chart of the NIFTY IND Defence Index (1D timeframe), 📊 Current Market Status: • Last Close: ₹8,752.95 • Day’s Change: -₹105.60 (▼1.19%) • Day’s Range: ₹8,714.55 – ₹8,884.40 🟢 Uptrend Summary (Recent Past): • Low: ₹5,632.70 (March 2025) • High: ₹9,204.95 (recent peak) • Gain: +₹2,688.55 (≈+30.76%) 🧭 Fibonacci Retracement Levels (from swing low to swing high): • 0.236: ₹8,361.90 • 0.382: ₹7,840.35 • 0.5: ₹7,418.80 • 0.618: ₹6,997.30 • 0.786: ₹6,391.15 🔴 Bearish Signals: 1. Price rejection from top of upward channel • Price has moved out of the rising red parallel channel. • Currently testing support, and breakdown seems underway. 2. Break below dotted descending trendline • Indicates short-term weakness. 3. Gap zone between ~₹7,840–₹7,418 could act as a demand/support zone, but also a magnet if breakdown accelerates. 4. Targeted Downside Projections: • 1st Target: ₹7,884 (▼9.91% from peak) • 2nd Target: ₹7,474 (▼14.18% from peak) — aligned near the 0.5 retracement level 🔵 Key Support Zones: • ₹7,884.15 — Previous strong support zone • ₹7,518.85–₹7,474.05 — Confluence of gap support and 50% Fibonacci 🔺 Resistance Levels (Upside Challenges): • ₹9,204.95 — Recent peak (0% retracement) • ₹9,311.35 — Upper projection/resistance • ₹9,412.65 — Red dashed resistance line • ₹9,832.90 — 0.382 projection from upward move 📉 Conclusion & Strategy Outlook: 🔻 Bearish Bias (Short-Term) • Breakdown of trendline and channel signals a likely correction phase. • Look for support at ₹7,884, and if breached, expect deeper correction to ₹7,474–7,518. 🔼 Reversal Confirmation (Bullish if): • Price reclaims and sustains above ₹9,000, breaking past previous swing high. ✅ Action Points: • Long Holders: Watch ₹8,360 (0.236 fib) — if broken, tighten stop-loss. • Short Opportunities: Breakdown below ₹8,468 could trigger downside to ₹7,884 and ₹7,474. • Fresh Entry (Positional Longs): Consider near ₹7,474–7,518 if price shows bullish reversal signals there. DO YOUR OWN D/D
NSE:NIFTY_IND_DEFENCEShort
by darwas121