Nifty Daily chart is forming H&S pattern at the top. If the support of 24800 is broken on the closing basis then the next support level for nifty seems 24000 & 23500. RSI already showing weakness. Be cautious on taking long position in Nifty.
Narrow consolidation happened on Weekly Charts and signs of reversal. Today it broke the downward sloping trendline. Good consolidation of Volume and reversal breakout. Relative Strength turning positive on Weekly Chart, already positive on daily chart. Can give quick 15-20% return in short time. Good for long time too having potential to reach to previous high near 700.
Chart is creating a triangle breakout on Weekly timeframe and diamond pattern breakout on monthly charts.