NIFTY 50 - HEAD & SHOULDER - WEEKLY CHART.
NIFTY50 is making Head & Shoulder pattern at weekly chart.
23350 is a Strong Support, it is at an old lower trendline Support too. We took the support at this lower trendline even on 4th June - Election Result Day. Before that in the last week of October 2023.
Since 10% correction has already happened so there is strong probability of a Reversal from this level(23350), but in case Nifty breaks this level then there is a probability of it going down further, here I am just keeping the current market scenario/trend in mind.
Nifty is touching the 200ma at Daily chart. The ultimate support 21280 is almost equal to the depth of ascending channel, 21280 level means almost 20% correction in Nifty. There is no exact date in case Nifty goes down, no one can predict that.
Support: 23350, 22775, 21800, 21280.
14nov 2024.
This is for learning and educational purposes only. Please consult your financial advisor before investing.
23350 is a Strong Support, it is at an old lower trendline Support too. We took the support at this lower trendline even on 4th June - Election Result Day. Before that in the last week of October 2023.
Since 10% correction has already happened so there is strong probability of a Reversal from this level(23350), but in case Nifty breaks this level then there is a probability of it going down further, here I am just keeping the current market scenario/trend in mind.
Nifty is touching the 200ma at Daily chart. The ultimate support 21280 is almost equal to the depth of ascending channel, 21280 level means almost 20% correction in Nifty. There is no exact date in case Nifty goes down, no one can predict that.
Support: 23350, 22775, 21800, 21280.
14nov 2024.
This is for learning and educational purposes only. Please consult your financial advisor before investing.
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