NIFTY appears to be forming a classic Cup and Handle pattern, a strong bullish continuation setup. Recently, the index successfully broke out above the handle resistance zone, confirming the pattern’s validity. Currently, it is pulling back to retest the breakout level, which often serves as a healthy consolidation phase before the next leg higher.
The measured move projection from the depth of the cup suggests a potential upside target near the 29,900–30,000 zone, representing approximately a 16–17% rally from the breakout point. The support region near 25,600–26,200 (previous resistance) will now act as a crucial demand area for bulls to defend.
If the retest holds and buying pressure resumes, NIFTY could witness renewed upward momentum, confirming the larger bullish trend continuation.
The measured move projection from the depth of the cup suggests a potential upside target near the 29,900–30,000 zone, representing approximately a 16–17% rally from the breakout point. The support region near 25,600–26,200 (previous resistance) will now act as a crucial demand area for bulls to defend.
If the retest holds and buying pressure resumes, NIFTY could witness renewed upward momentum, confirming the larger bullish trend continuation.
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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.