Nifty Technical Analysis: Will Nifty Bounce Back?

On December 1, 2022, Nifty reached an all-time high of 18,887. However, since then, it has experienced a downtrend. On March 20, 2023, Nifty hit a low of 16,828, which is nearly an 11% drop from its peak within just 109 days. Fortunately, Nifty has recently started moving in an uptrend channel, and on June 28, it broke its previous all-time high. As of June 30, 2023, the closing price of Nifty is 19,189.

Now, I anticipate that Nifty will retest its breakout level in coming days, which is around the 18900 - 18800 range. This level, which was previously a resistance, is expected to act as a support level going forward. Additionally, Nifty should find support from its bullish trend line within the bullish trend channel.

Remember, trading is not just about profits and losses—it's a journey that requires determination and perseverance. 💪💰

✨ Key Terms Explained ✨

• All-Time High: The highest price level that an asset has ever reached.
  
• Downtrend: A series of lower highs and lower lows, indicating a bearish market direction.
  
• Uptrend: A series of higher highs and higher lows, indicating a bullish market direction.
  
• Breakout: When the price surpasses a significant level of resistance or support.
  
• Support Level: A price level where buying pressure is expected to prevent further price decline.
  
• Resistance Level: A price level where selling pressure is expected to prevent further price increase.
  
• Trendline: A line drawn to connect multiple support or resistance levels, showing the overall trend direction.
  

Please note that this analysis is purely for educational purposes, and I am not a SEBI registered analyst.

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