Bearish Pressure vs Bullish Hope: What’s Next for NIFTY 50?

The NIFTY 50 is showing signs of indecision as it trades near critical resistance and support levels. Will the index break out of its consolidation or head for a deeper correction?

Key Points:
1. Resistance Zones:
- 23,605.30
- 23,550.00
- 23,498.70
- 23,444.95
- 23,383.25
- 23,322.75

2. Support Levels:
- 23,259.75
- 23,206.45
- 23,180.00
- 23,138.60
- 23,100.00
- 23,071.85
- 23,006.70

3. Current Setup:
The index is trading within a descending trendline resistance, creating a lower high pattern. Support at 23,206.45 is critical, as a breakdown below this level may trigger further downside. A breakout above 23,322.75 could open the path for bullish momentum.

How to Trade This:
- Bullish Strategy:
Enter long above 23,322.75 with targets at 23,444.95 and 23,605.30. Use a stop-loss below 23,259.75.

- Bearish Strategy:
Enter short below 23,180.00 with targets at 23,138.60 and 23,071.85. Place a stop-loss above 23,259.75.

Bottom Line:
The market is at a pivotal point, and traders should watch for confirmation of a breakout or breakdown. A decisive move will determine the next direction for the NIFTY 50. Stay cautious and trade with well-defined levels.

NIFTY1!

Only for educational purposes.
This content is not a recommendation to buy and sell.
Not SEBI REGISTRAR.