1. Ascending Triangle | Upside Potential: - Condition 1: If NIFTY breaches 22,950 by next week and maintains its position, there's a likelihood of a rally towards 23,760. However, any impact on prices, aside from election results, seems unlikely before then.
- Condition 2: Similarly, if NIFTY surpasses 22,950 next week and undergoes a retest around 22,700/800, the rally could extend towards 23,760. Again, external influences on prices, except for election outcomes, are not anticipated.
2. Rising Wedge | Downside Scenario: - Condition 1: In the coming week, if NIFTY breaks the green trendline and approaches the midline, indicated by the blue color, the initial target would be the blue line, followed by 22,550.
- Condition 2: Alternatively, if NIFTY descends to 22,000 and breaches this crucial support level, the next stop would likely be 21,200. However, this scenario would only unfold in the event of significant changes in the election landscape, such as the ruling party failing to secure at least 50% of the votes.
Imp. Note: This analysis is provided for informational purposes only and does not constitute a direct recommendation to buy or sell stocks. Investors should conduct their own research and consult with financial advisors before making any investment decisions, as market conditions and individual circumstances may vary.
Market Risk: However, it's important to acknowledge the inherent risks associated with investing in the stock market, including but not limited to volatility, economic downturns, regulatory changes, and unforeseen events that can impact stock prices. It's crucial for investors to remain vigilant and diversify their portfolios to mitigate potential losses.
Thank you for Reading my complete Analysis, Naveen
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