Nifty Weekly View 📊
In this insightful analysis of the Nifty, we'll explore three crucial patterns that are currently dominating the charts. These patterns provide valuable insights into the future direction of this key market index. 📈🧐
1. Ascending Triangle Pattern (Yellow Highlighted) 📈
Ascending triangles are bullish chart patterns characterized by higher lows and higher highs within a narrowing range. This pattern signifies increasing buying pressure, with buyers showing a willingness to enter the market at lower prices while sellers are content to sell at higher prices. It's a strong indication of positive sentiment. 📈📈🚀
++ Nifty has formed an Ascending Triangle breakout and its in Bull control
2. Channel Formation (Blue Highlighted) 📊
An upward channel, another bullish chart pattern, takes shape when prices move within a confined range defined by parallel trendlines. The upper trendline represents resistance, while the lower trendline signifies support. This pattern reflects a balanced power dynamic between buyers and sellers, with buyers stepping in at lower prices and sellers offloading at higher prices. A clear sign of market stability. 📊💹🛡️
++ Nifty is travelling in an upward channel and approaching the upper trendline of channel plus its above the centre line of the channel. Again bull is taking control.
3. Rising Wedge (Pink Highlighted) 📉
On the flip side, a rising wedge is a bearish chart pattern where prices create higher highs and higher lows, but the upper trendline steepens more rapidly than the lower trendline. This indicates mounting selling pressure, as sellers become increasingly willing to sell at higher prices. A potential bearish signal to watch out for. 📉📉📉💔
-- Nifty has some underlying issues of forming an internal rising wedge, though it gets activated below 19200 only, so its far away from present levesls.
Now, let's discuss the potential price movement of Nifty for the remainder of 2023 based on these patterns. If Nifty manages to hold above the crucial 19,200 levels on a daily closing basis, we could witness an upward rally. 📈💼💼
Expected Targets with Dates 📆
First Target - 20,453 by 9th Oct'23 🚀🎯
A promising start to the upward momentum.
Second Target - 21,224 by 6th Nov'23 🌟💫
Steady progress towards higher levels.
Final Target - 22,420 by 26th Dec'23 🎯🎉
A potential year-end surge.
As we closely monitor these patterns and targets, remember that the world of technical analysis is dynamic and ever-evolving. Keep learning and stay tuned for further updates. Your comments and insights are always appreciated. 📚📈💬👀
In this insightful analysis of the Nifty, we'll explore three crucial patterns that are currently dominating the charts. These patterns provide valuable insights into the future direction of this key market index. 📈🧐
1. Ascending Triangle Pattern (Yellow Highlighted) 📈
Ascending triangles are bullish chart patterns characterized by higher lows and higher highs within a narrowing range. This pattern signifies increasing buying pressure, with buyers showing a willingness to enter the market at lower prices while sellers are content to sell at higher prices. It's a strong indication of positive sentiment. 📈📈🚀
++ Nifty has formed an Ascending Triangle breakout and its in Bull control
2. Channel Formation (Blue Highlighted) 📊
An upward channel, another bullish chart pattern, takes shape when prices move within a confined range defined by parallel trendlines. The upper trendline represents resistance, while the lower trendline signifies support. This pattern reflects a balanced power dynamic between buyers and sellers, with buyers stepping in at lower prices and sellers offloading at higher prices. A clear sign of market stability. 📊💹🛡️
++ Nifty is travelling in an upward channel and approaching the upper trendline of channel plus its above the centre line of the channel. Again bull is taking control.
3. Rising Wedge (Pink Highlighted) 📉
On the flip side, a rising wedge is a bearish chart pattern where prices create higher highs and higher lows, but the upper trendline steepens more rapidly than the lower trendline. This indicates mounting selling pressure, as sellers become increasingly willing to sell at higher prices. A potential bearish signal to watch out for. 📉📉📉💔
-- Nifty has some underlying issues of forming an internal rising wedge, though it gets activated below 19200 only, so its far away from present levesls.
Now, let's discuss the potential price movement of Nifty for the remainder of 2023 based on these patterns. If Nifty manages to hold above the crucial 19,200 levels on a daily closing basis, we could witness an upward rally. 📈💼💼
Expected Targets with Dates 📆
First Target - 20,453 by 9th Oct'23 🚀🎯
A promising start to the upward momentum.
Second Target - 21,224 by 6th Nov'23 🌟💫
Steady progress towards higher levels.
Final Target - 22,420 by 26th Dec'23 🎯🎉
A potential year-end surge.
As we closely monitor these patterns and targets, remember that the world of technical analysis is dynamic and ever-evolving. Keep learning and stay tuned for further updates. Your comments and insights are always appreciated. 📚📈💬👀
Trade active:
20110 high, just 300 points away from our first milestone
Trade active:
Everyday new high, today's high 20168
Trade active:
20,222, DAily new high in making, NJOI the ride
Trade active:
Nifty made a high of 21500, enjoy the bull rally
Trade active:
21600 high
Trade active:
Nifty made a high of 21830 plus, enjoy rally