Nifty 50 Near-Term ForecastCurrent Price and Resistance:
The Nifty 50 index is currently trading around 24,492.
There's a notable resistance level around 25,065, where previous price action struggled to move higher. This level acts as a potential cap for upward movement.
Support Levels:
A significant support line is marked around 23,996, below the current trading level.
If the price breaches this level, it could suggest a further downside, with a possible drop toward lower support zones.
Projected Downtrend:
The orange line indicates a possible downward movement from the current levels if resistance at 25,065 holds.
This downtrend projection suggests that the Nifty 50 could move lower, potentially testing the support near 23,996.
If the index falls below this support, the next projected move takes it further down toward the 22,000 level, indicating a deeper correction.
Possible Reversal:
After reaching a lower level near 22,000, there’s a projected rebound shown with an upward arrow.
This suggests a potential reversal or bounce-back from these lower levels, which could present a buying opportunity.
