Nifty 50 IndexShort
Nifty Analysis (Study Purpose Only)
1. Trend Analysis:
The chart shows a clear downtrend, indicated by the descending white and yellow trendlines.
Lower highs and lower lows (consistent bearish structure).
2. Key Levels:
Resistance Zone (23,200 region): Highlighted with a yellowish band; price faced rejection here before continuing downward.
Current Support (22,959 - Yellow Line): Price is hovering just above this key level, which is acting as immediate support.
3. Potential Scenarios:
📉 Breakdown: If the price breaks below 22,959, it may head towards the lower support zone near 22,725-22,655 (brownish area).
📈 Bounce: If it holds the support, a retest of the previous resistance around 23,200 is possible.
4. Long-Term Support:
The purple trendline at the bottom represents a longer-term support level around 22,585, which may act as a major demand zone.
The chart shows a clear downtrend, indicated by the descending white and yellow trendlines.
Lower highs and lower lows (consistent bearish structure).
2. Key Levels:
Resistance Zone (23,200 region): Highlighted with a yellowish band; price faced rejection here before continuing downward.
Current Support (22,959 - Yellow Line): Price is hovering just above this key level, which is acting as immediate support.
3. Potential Scenarios:
📉 Breakdown: If the price breaks below 22,959, it may head towards the lower support zone near 22,725-22,655 (brownish area).
📈 Bounce: If it holds the support, a retest of the previous resistance around 23,200 is possible.
4. Long-Term Support:
The purple trendline at the bottom represents a longer-term support level around 22,585, which may act as a major demand zone.
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.