Nifty Index Futures: Key Technical Insights for December 2024

9 hours ago

The Nifty Index Futures chart highlights significant market developments, signaling potential shifts in momentum. Here’s a concise analysis:

Key Highlights

Trendline Breakdown:

• The long-standing upward channel has been breached, indicating bearish pressure.
  

Bearish Patterns:

• A confirmed head-and-shoulders pattern with a neckline breakdown suggests further downside.
  
• Emerging lower highs and lower lows confirm a bearish trend structure.
  

Critical Levels:

• Resistance: 24,400 and 25,000.
  
• Support: 23,625, 23,222, and 21,827.
  

Scenarios:

• Bullish: A recovery above 24,400 could target 25,000.
  
• Bearish: Sustained trading below 23,625 may lead to 23,222 or lower.
  

Trade Plan:
Short Trade: Consider shorting below 23,625 with a stop-loss at 24,000 and targets at 23,222 and 21,827.