Double Bottom Alert: NIFTY 50’s Turning Point? The NIFTY 50 is approaching a crucial technical zone, hinting at a potential reversal with a double bottom formation in play. Will the bulls seize this opportunity to rally, or will the bears maintain their grip?
Key Points:
1. Resistance Zones:
- 23,758.05
- 23,647.05
- 23,570.60
- 23,458.50
2. Support Levels:
- 23,268.75
- 23,153.60
- 23,037.15
3. Current Setup:
The NIFTY 50 is hovering near a critical double bottom area, a historically strong reversal pattern if validated. The price action suggests a cautious optimism, with significant resistance levels overhead. A breach of these levels could signal a breakout, while a failure to hold support may lead to further downside.
How to Trade This:
- Bullish Strategy:
Enter long above 23,458.50, targeting 23,647.05 and 23,758.05. Use 23,268.75 as a stop-loss.
- Bearish Strategy:
Enter short below 23,153.60, aiming for 23,037.15 and 22,900. Place a stop-loss above 23,268.75.
Bottom Line:
The double bottom pattern indicates a potential turning point for NIFTY 50. However, confirmation of a breakout above resistance is key for bullish momentum. Watch the support zone closely for invalidation signals.
NSE:NIFTY
Only for educational purposes.
This content is not a recommendation to buy and sell.
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