#NIFTY50 TRADE SETUP - 30TH DECEMBER !!

Nifty 50 Chart Analysis - 1 day Chart VieW

NIFTY

Nifty 50 Chart Analysis - Detailed Breakdown

Key Observations:
1. Current Price Zone: The Nifty index is trading at 23,832, with the price consolidating near recent lows.

2. Key Resistance Zones:
- 24,197.50: A significant resistance level, aligning with prior price rejections and a potential reversal area.
- 24,069.95: Intermediate resistance that needs to be cleared for bullish continuation.

3. Key Support Zones:
- 23,586.25: A strong support zone where buyers might step in, preventing further downside.
- 23,262.15: A deeper support level, marking the lower boundary of the recent bearish structure.

4. Market Sentiment: The price action indicates uncertainty, with equal probabilities of breakout above the resistance or breakdown below support.

Price Movement Summary:

• - Upside Potential: A breakout above 24,197.50 could push the index towards 24,300+ levels. Thiszone has been highlighted in the chart as a bullish target area (marked in red box).
  

• - Downside Risk: If the index breaks below 23,586.25, it could test 23,262.15 or lower, as depictedin the bearish target zone.
  

Trading Plan:
1. Bullish Plan:
- Entry: Above 24,069.95.
- Target 1: 24,197.50.
- Target 2: 24,300+.
- Stop-Loss: Below 23,961.55 (current pivot zone).

2. Bearish Plan:
- Entry: Below 23,586.25.
- Target 1: 23,536.60.
- Target 2: 23,262.15.
- Stop-Loss: Above 23,832.45.

Summary:
- Nifty is at a critical juncture, with immediate resistance at 24,069.95 and support at 23,586.25.
- Traders should wait for confirmation (breakout or breakdown) before initiating positions.
- Risk management is crucial as the index approaches year-end volatility.


Disclaimer:
This content is for educational purposes only. It is not a recommendation to buy or sell any financial instrument.The creator is not a SE-BI-registered advisor. Please consult with a certified professional before making investment decisions.