Nifty is currently trending within an ascending channel.

NIFTY

Time Frame: Daily

Ascending Channel

An ascending channel is a technical analysis pattern used in financial markets to describe the price movement of a security or index, like the Nifty.

It's formed by drawing two parallel trendlines that connect the higher highs and higher lows of the price action.

This pattern indicates a bullish trend, with the price making higher highs and higher lows over time within the channel boundaries.

Traders often look for opportunities to buy near the lower trendline and sell near the upper trendline of the ascending channel.

Traders can confirm trade with Price Action to initiate the trade

Critical levels have been marked on this chart.

Comment:

Buy on Dips can be observed clearly at support levels as expected