Nifty 50 is trading within a clear descending channel on the daily chart after recent highs. Price action shows lower highs and lower lows, suggesting persistent selling pressure.
Key Levels to Watch:
Support: 24,250 – 24,000 (Channel bottom)
Resistance: 24,750 – 25,000 (Channel top)
Outlook:
Bias remains bearish while inside the channel.
A break below the lower trendline may accelerate the downside.
A breakout above the upper trendline could trigger a reversal rally.
Trading Plan:
Wait for breakout confirmation before committing to a strong directional trade.
Key Levels to Watch:
Support: 24,250 – 24,000 (Channel bottom)
Resistance: 24,750 – 25,000 (Channel top)
Outlook:
Bias remains bearish while inside the channel.
A break below the lower trendline may accelerate the downside.
A breakout above the upper trendline could trigger a reversal rally.
Trading Plan:
Wait for breakout confirmation before committing to a strong directional trade.
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.
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.