NIFTY50 - WHAT IS NEXT?
Symbol - NIFTY50
CMP - 23700
The Nifty50 is still trading within a falling channel pattern, which continues to highlight a bearish technical structure. Currently, the index is facing resistance at the upper end of this channel, between 23700 - 23820. Given the ongoing downtrend and resistance levels, there is a strong possibility that Nifty may experience a pullback from these levels.
Nifty is likely to continue trading within this channel, and in the short term, we could see a correction back towards the 23000 - 22800 region. These levels would act as near-term support, as they align with previous lows and key technical levels.
However, if the Nifty breaks above the upper boundary of this channel and manages to sustain above it, the short-term trend could shift from bearish to a more sideways. Such a breakout would indicate a possible consolidation phase, though a shift in trend would require sustained strength above the channel's resistance.
In the event that Nifty undergoes further correction and moves towards the 22500 - 22300 range, this would present an excellent opportunity to buy the dips. At these levels, valuations are expected to become attractive, and investing in strong stocks for the medium to long term could provide solid growth potential as prices at this range could offer significant upside potential.
Thus, while the immediate outlook remains bearish with resistance holding firm, the deeper correction could offer great entry points for investors looking to capitalize on potential market growth over time.
Key resistance levels remain around 23750 - 23900, and support is expected at 22850 - 23000. The 22500 - 22300 region is a crucial area for potential buyers. Traders should stay alert to a possible shift in trend if the upper boundary of the falling channel is broken.
CMP - 23700
The Nifty50 is still trading within a falling channel pattern, which continues to highlight a bearish technical structure. Currently, the index is facing resistance at the upper end of this channel, between 23700 - 23820. Given the ongoing downtrend and resistance levels, there is a strong possibility that Nifty may experience a pullback from these levels.
Nifty is likely to continue trading within this channel, and in the short term, we could see a correction back towards the 23000 - 22800 region. These levels would act as near-term support, as they align with previous lows and key technical levels.
However, if the Nifty breaks above the upper boundary of this channel and manages to sustain above it, the short-term trend could shift from bearish to a more sideways. Such a breakout would indicate a possible consolidation phase, though a shift in trend would require sustained strength above the channel's resistance.
In the event that Nifty undergoes further correction and moves towards the 22500 - 22300 range, this would present an excellent opportunity to buy the dips. At these levels, valuations are expected to become attractive, and investing in strong stocks for the medium to long term could provide solid growth potential as prices at this range could offer significant upside potential.
Thus, while the immediate outlook remains bearish with resistance holding firm, the deeper correction could offer great entry points for investors looking to capitalize on potential market growth over time.
Key resistance levels remain around 23750 - 23900, and support is expected at 22850 - 23000. The 22500 - 22300 region is a crucial area for potential buyers. Traders should stay alert to a possible shift in trend if the upper boundary of the falling channel is broken.
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