#NIFTY50 Day Chart 📊
Nifty is currently testing a major decision zone near the previous swing high and the falling channel resistance. After the sharp recovery from the double-bottom support area, price has entered a region where buyers and sellers are likely to battle for control.
The recent rally has been strong, but the index is now struggling to push decisively above the channel resistance. This is a normal behaviour after a fast move, and some consolidation around current levels should not be surprising.
📌 Key Levels:
🔹 Immediate Resistance: 24080 - 24200
🔹 Major Gap Resistance: 24996
🔹 Gap Fill Target: 25140
🔹 Immediate Support: 23723, 23450 & 23500
⚡VIEW :-
The broader structure remains constructive as long as Nifty holds above the recent breakout zone.
A decisive breakout above 24,200 can trigger fresh momentum and open the path towards the gap resistance near 25,000.
However, if price continues to struggle at channel resistance and loses the breakout zone, expect a pullback towards 23,500 before the next directional move.
For now, this looks more like consolidation below resistance rather than a trend reversal. The next big move will likely come after price resolves this range.
Nifty is currently testing a major decision zone near the previous swing high and the falling channel resistance. After the sharp recovery from the double-bottom support area, price has entered a region where buyers and sellers are likely to battle for control.
The recent rally has been strong, but the index is now struggling to push decisively above the channel resistance. This is a normal behaviour after a fast move, and some consolidation around current levels should not be surprising.
📌 Key Levels:
🔹 Immediate Resistance: 24080 - 24200
🔹 Major Gap Resistance: 24996
🔹 Gap Fill Target: 25140
🔹 Immediate Support: 23723, 23450 & 23500
⚡VIEW :-
The broader structure remains constructive as long as Nifty holds above the recent breakout zone.
A decisive breakout above 24,200 can trigger fresh momentum and open the path towards the gap resistance near 25,000.
However, if price continues to struggle at channel resistance and loses the breakout zone, expect a pullback towards 23,500 before the next directional move.
For now, this looks more like consolidation below resistance rather than a trend reversal. The next big move will likely come after price resolves this range.
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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.
Related publications
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.