Nifty Falls to 20400 by July 2024 !

Oct 25

*** PURELY EDUCATION PURPOSE***

This is a weekly candlestick chart of the Nifty 50 Index, a benchmark stock market index in India, showing price movements over time. Here's a breakdown:

Candlesticks:

Each candlestick represents the price action of a week.
Green candles represent weeks where the price closed higher than it opened, indicating upward movement.
Red candles represent weeks where the price closed lower than it opened, indicating a downward movement.
Current Market Status:

The chart shows a recent downtrend, where the Nifty 50 Index is falling. The most recent candle is red, showing a weekly decline of 2.71%.
The latest price is 24,180.80, which is the level where the market closed at the time of the chart.
Support Trendline:

A blue upward-sloping trendline is drawn, connecting recent lows. This trendline represents a potential support level, where the price might bounce back after falling.
Future Projection:

There is a green shaded box near the lower part of the chart labeled "Market may come to this zone by July 2025".
This suggests that possible decline in the Nifty 50 Index towards the 20,400 - 20,000 zone by mid-2025. This zone could act as a future support area.
Context:

The chart shows a medium-term view, with the projection implying that after the recent pullback, the market might continue to decline, potentially reaching the projected support level in the coming months.
In summary, this chart reflects a possible bearish outlook for the Nifty 50, with a potential target zone between 20,000 and 20,400 by mid-2025, based on the current downtrend and the support trendline drawn.