In-Depth Analysis for Nifty 50 Index (15-Minute Char
Nifty 50 has recently broken out from a descending triangle pattern on the 15-minute timeframe, with the current price at 24,295.30, showing a gain of +0.41%. The breakout above the downward sloping resistance line indicates bullish momentum.
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Key Observations:
1. Pattern Breakout:
A descending triangle breakout occurred around 24,250-24,300, suggesting a potential continuation of the uptrend.
2. Support & Resistance:
Immediate Support: The breakout zone 24,200-24,250, which may act as a retest area if the price pulls back.
Immediate Resistance: Near 24,500, corresponding to recent highs.
3. Volume Confirmation:
Noticeable increase in volume during the breakout, validating the bullish move.
4. Bullish Momentum:
Sustained movement above the breakout zone could lead to higher targets.
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Trade Setup:
1. For Bulls:
Entry: On pullback near the breakout level (24,250-24,300).
Target: 24,400, and extended target near 24,500.
Stop Loss: Below 24,200, to protect from false breakouts.
2. For Bears:
Entry: Only consider shorting if the price falls back below 24,200, invalidating the breakout.
Target: 24,100-24,050.
Stop Loss: Above 24,300.
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Potential Scenarios:
1. Bullish Continuation: If the breakout sustains, expect a rally toward 24,400-24,500.
2. False Breakout: If the price fails to hold 24,250, a decline toward 24,100 may occur.
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Key Observations:
1. Pattern Breakout:
A descending triangle breakout occurred around 24,250-24,300, suggesting a potential continuation of the uptrend.
2. Support & Resistance:
Immediate Support: The breakout zone 24,200-24,250, which may act as a retest area if the price pulls back.
Immediate Resistance: Near 24,500, corresponding to recent highs.
3. Volume Confirmation:
Noticeable increase in volume during the breakout, validating the bullish move.
4. Bullish Momentum:
Sustained movement above the breakout zone could lead to higher targets.
---
Trade Setup:
1. For Bulls:
Entry: On pullback near the breakout level (24,250-24,300).
Target: 24,400, and extended target near 24,500.
Stop Loss: Below 24,200, to protect from false breakouts.
2. For Bears:
Entry: Only consider shorting if the price falls back below 24,200, invalidating the breakout.
Target: 24,100-24,050.
Stop Loss: Above 24,300.
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Potential Scenarios:
1. Bullish Continuation: If the breakout sustains, expect a rally toward 24,400-24,500.
2. False Breakout: If the price fails to hold 24,250, a decline toward 24,100 may occur.
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