NIFTY NIFTY CHART ANALYSIS (24TH DEC)
Important Levels:
1. Resistance Levels:
- 24,259.50: Key resistance zone where selling pressure might build.
- 23,926.95: Immediate resistance near the current price.
2. Support Levels:
- 23,398.85: Major support level below the current price where buyers could step in.
3. Trendline:
- A downward trendline acts as dynamic resistance, connecting lower highs and reinforcing the bearish momentum.
Analysis:
- The price is in a bearish trend, consistently making lower highs and lower lows.
- Current Scenario: The price is near the trendline and could face rejection, continuing the downward move toward 23,398.85.
- Alternative Scenario: A breakout above the trendline might invalidate the bearish setup, potentially leading to a test of 23,926.95 or higher.
Only for educational purposes.
This content is not a recommendation to buy and sell.
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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.