Nifty | Seeking direction

NSE:NIFTY   Nifty 50 Index
Nifty began the new year on a flat note with mix opinion on valuation, General elections, Lower than estimated Government spending, Higher inflow's in the debt market, etc.

Nifty closed 2023 with an average return of 20% registered 8 consequent positive returns. 2024 will likely to be an Year of high volatility or can be called an year of retracement and likely to give modest returns.

Here is the short term technical view.
On Daily charts: Market is witnessing sideways with a resistance at 21848 which if taken out 22065 levels are likely. However, RSI at Daily/weekly chart is somewhat a matter of concern. on the other hand Vix is hovering around Pivot points with an expected breakout above 15.

Key resistances for markets a head: 21848/22065
while key support zone: 21620/21440.

Any drop below 21440 will drag the market to 21148 wherein it may finish 2/3 of the H&S pattern with an expected bounce till 21540 it may finally drag to the weekly neckline levels of 20588 which will be the retracement levels before the next rally begins for the targets to 23771. Thus, 2024 may most likely to see the returns of 8%.

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