The NIFTY 50 is approaching a crucial technical zone, hinting at a potential reversal with a double bottom formation in play. Will the bulls seize this opportunity to rally, or will the bears maintain their grip?
Key Points:
1. Resistance Zones:
- 23,758.05
- 23,647.05
- 23,570.60
- 23,458.50
2. Support Levels:
- 23,268.75
- 23,153.60
- 23,037.15
3. Current Setup:
The NIFTY 50 is hovering near a critical double bottom area, a historically strong reversal pattern if validated. The price action suggests a cautious optimism, with significant resistance levels overhead. A breach of these levels could signal a breakout, while a failure to hold support may lead to further downside.
How to Trade This:
- Bullish Strategy:
Enter long above 23,458.50, targeting 23,647.05 and 23,758.05. Use 23,268.75 as a stop-loss.
- Bearish Strategy:
Enter short below 23,153.60, aiming for 23,037.15 and 22,900. Place a stop-loss above 23,268.75.
Bottom Line:
The double bottom pattern indicates a potential turning point for NIFTY 50. However, confirmation of a breakout above resistance is key for bullish momentum. Watch the support zone closely for invalidation signals.
NIFTY
Key Points:
1. Resistance Zones:
- 23,758.05
- 23,647.05
- 23,570.60
- 23,458.50
2. Support Levels:
- 23,268.75
- 23,153.60
- 23,037.15
3. Current Setup:
The NIFTY 50 is hovering near a critical double bottom area, a historically strong reversal pattern if validated. The price action suggests a cautious optimism, with significant resistance levels overhead. A breach of these levels could signal a breakout, while a failure to hold support may lead to further downside.
How to Trade This:
- Bullish Strategy:
Enter long above 23,458.50, targeting 23,647.05 and 23,758.05. Use 23,268.75 as a stop-loss.
- Bearish Strategy:
Enter short below 23,153.60, aiming for 23,037.15 and 22,900. Place a stop-loss above 23,268.75.
Bottom Line:
The double bottom pattern indicates a potential turning point for NIFTY 50. However, confirmation of a breakout above resistance is key for bullish momentum. Watch the support zone closely for invalidation signals.
NIFTY Only for educational purposes.
This content is not a recommendation to buy and sell.
Not SEBI REGISTRAR.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.