The Nifty is currently consolidating between a well-defined resistance (selling) and support demand zone, forming a potential setup for either a breakout or a bounce-back.
Resistance (Selling Zone):
Zone: ₹25,150 – ₹25,240
Price showed rejection multiple times from this level, suggesting the presence of strong sellers.
Also close to a previous Swing High at ₹25,222.
Support (Demand Zone):
Zone: ₹24,880 – ₹24,935
Aligned with key Fibonacci retracement levels:
0.786: ₹24,934
0.886: ₹24,885
Confluence with the ascending trendline increases the strength of this support.
Thanks.
Regards
Bull Man
Resistance (Selling Zone):
Zone: ₹25,150 – ₹25,240
Price showed rejection multiple times from this level, suggesting the presence of strong sellers.
Also close to a previous Swing High at ₹25,222.
Support (Demand Zone):
Zone: ₹24,880 – ₹24,935
Aligned with key Fibonacci retracement levels:
0.786: ₹24,934
0.886: ₹24,885
Confluence with the ascending trendline increases the strength of this support.
Thanks.
Regards
Bull Man
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.