Nifty Direction in the next few weeks

13 nov.

The chart shows the Nifty 50 Index's weekly price movement over the past few years, highlighting a key ascending channel. It appears that the index recently tested and broke below the channel's lower trendline, indicating a potential reversal or a major support level breakdown. The marked horizontal support levels around 24,302 and 21,556 suggest significant price zones to watch for potential recovery or further declines. If the breakdown sustains, the next key levels could be retested, but a bounce back above the trendline could indicate bullish strength resumption. This setup is critical for identifying trend direction and key support and resistance zones for traders and investors.