Nifty 50 analysis for coming week for 12th August to 16th August
This chart of the Nifty 50 Index on a 15 minute timeframe includes a Rising Wedge pattern and highlights several key levels and potential price movements. Here's the analysis:
Key Levels:
Immediate Resistance Levels:
24,516: A potential breakout point above which the index might move higher.
24,837: Another significant resistance level to watch if the price moves upward.
25,000: Key psychological and resistance levels that could be tested if the bullish momentum continues.
25,100: The upper target for a strong bullish move.
Support Levels:
24,385 (PW-VAH): Previous Week Value Area High, acting as a support zone.
24,265 - 24,228 (PM-POC): Previous Month Point of Control, an area where the price might find support.
24,140 (PM-VAL): Previous Month Value Area Low, a crucial support level.
24,000: A key psychological support level, also indicated on the chart.
23,920, 23,809, 23,681, and 23,595:
These are lower support levels, potentially in play if the price breaks below 24,000.
Chart Patterns:
Rising Wedge: A bearish pattern that suggests the price might break downwards after consolidating. It is currently testing the upper boundary of this pattern.
Predicted Movements:
Bullish Scenario:
If the price breaks above 24,516, it could move towards the 24,837 level. Further upward movement could target 25,000, 25,057, and possibly 25,100 if the bullish momentum is strong.
The green arrows indicate the possible upward targets.
Bearish Scenario:
If the price fails to break above 24,516 and starts to break down from the Rising Wedge, it could retest lower levels like 24,385, 24,265, and 24,228.
A significant break below 24,000 could lead to further downside, targeting 23,920, 23,809, 23,681, and 23,595.
The red arrows indicate the possible downward targets.
Conclusion:
Upside Potential: A breakout above 24,516 could lead to a test of higher levels up to 25,100.
Downside Risk: A break below 24,000 could initiate a stronger bearish move, targeting the lower support levels.
The movement will likely depend on how the price reacts around the 24,516 level and whether it breaks the Rising Wedge pattern upwards or downwards.
Key Levels:
Immediate Resistance Levels:
24,516: A potential breakout point above which the index might move higher.
24,837: Another significant resistance level to watch if the price moves upward.
25,000: Key psychological and resistance levels that could be tested if the bullish momentum continues.
25,100: The upper target for a strong bullish move.
Support Levels:
24,385 (PW-VAH): Previous Week Value Area High, acting as a support zone.
24,265 - 24,228 (PM-POC): Previous Month Point of Control, an area where the price might find support.
24,140 (PM-VAL): Previous Month Value Area Low, a crucial support level.
24,000: A key psychological support level, also indicated on the chart.
23,920, 23,809, 23,681, and 23,595:
These are lower support levels, potentially in play if the price breaks below 24,000.
Chart Patterns:
Rising Wedge: A bearish pattern that suggests the price might break downwards after consolidating. It is currently testing the upper boundary of this pattern.
Predicted Movements:
Bullish Scenario:
If the price breaks above 24,516, it could move towards the 24,837 level. Further upward movement could target 25,000, 25,057, and possibly 25,100 if the bullish momentum is strong.
The green arrows indicate the possible upward targets.
Bearish Scenario:
If the price fails to break above 24,516 and starts to break down from the Rising Wedge, it could retest lower levels like 24,385, 24,265, and 24,228.
A significant break below 24,000 could lead to further downside, targeting 23,920, 23,809, 23,681, and 23,595.
The red arrows indicate the possible downward targets.
Conclusion:
Upside Potential: A breakout above 24,516 could lead to a test of higher levels up to 25,100.
Downside Risk: A break below 24,000 could initiate a stronger bearish move, targeting the lower support levels.
The movement will likely depend on how the price reacts around the 24,516 level and whether it breaks the Rising Wedge pattern upwards or downwards.
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