My Observation:
Nifty Spot had been consolidating within a range for 16 consecutive trading sessions. Today, it broke out decisively and is now trading above that range. If it sustains this breakout, it indicates bullish momentum and the index could potentially rally towards the targets of 25,800 and 26,500.
However, if the market slips back into the previous range, I anticipate support around 24,600—although this scenario seems less likely given the strength of today’s breakout.
Disclaimer: This is purely my personal view and is shared for educational purposes only. Please do your own analysis before making any trading decisions.
Nifty Spot had been consolidating within a range for 16 consecutive trading sessions. Today, it broke out decisively and is now trading above that range. If it sustains this breakout, it indicates bullish momentum and the index could potentially rally towards the targets of 25,800 and 26,500.
However, if the market slips back into the previous range, I anticipate support around 24,600—although this scenario seems less likely given the strength of today’s breakout.
Disclaimer: This is purely my personal view and is shared for educational purposes only. Please do your own analysis before making any trading decisions.
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.
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.