Nifty Key Breakout Levels to Watch for Bullish or Bearish Move

yesterday

Hello guy's i hope you all will be doing good in your trading and your life as well today i have brought again Technical Analysis of Nifty 50:- Critical Levels to Watch.

The Nifty 50 index is currently consolidating in a well-defined pattern, with clear support and resistance levels in play. Here's the detailed analysis:

The price action is forming a descending channel, with a falling resistance line acting as the key barrier for upward movement. A breakout above this resistance can trigger bullish momentum, with targets at 23,966 (1st target) and 24,140 (2nd target).

On the downside, the support zone holds significant importance. A breach below this zone could open doors for further selling, with the next target at 23,464.

Key levels to monitor:

Stop Loss for Buying: 23,575
Stop Loss for Selling: 23,782

Here’s what happens:

Bullish Scenario: A breakout above the resistance will likely lead to a test of the mentioned targets, signaling a potential trend reversal.

Bearish Scenario: A breakdown below the support zone could signal bearish continuation, targeting the lower levels.

Outcome:

Watch for volume spikes during the breakout/breakdown to confirm the move.
Adhere to the stop-loss levels to manage risk effectively.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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