Earlier, I shared my personal analysis of Nifty 50, highlighting the formation of a potential head and shoulders pattern. At the time, I noted key levels:
Resistance at 25,400: If Nifty broke above this level, I would wait for confirmation from the next candle before making any moves.
Support at 24,800: A drop below this would signal the start of a downtrend, prompting caution and a hold on trades.
Now, the pattern has fully formed, and the next critical step is to observe tomorrow's candle. If Nifty stays below 24,800, it would confirm the downtrend, signaling a good time to prepare for buying opportunities as stocks become more attractively priced.
Resistance at 25,400: If Nifty broke above this level, I would wait for confirmation from the next candle before making any moves.
Support at 24,800: A drop below this would signal the start of a downtrend, prompting caution and a hold on trades.
Now, the pattern has fully formed, and the next critical step is to observe tomorrow's candle. If Nifty stays below 24,800, it would confirm the downtrend, signaling a good time to prepare for buying opportunities as stocks become more attractively priced.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.