For tomorrow, focusing on the Nifty50 in a 15-minute timeframe, the price action indicates a potential continuation pattern known as the "Flag and Pole." This pattern typically suggests that the current trend is likely to continue after a brief consolidation phase. Below is a detailed breakdown of the possible price action:
Technical Analysis Overview:
Pattern Type: Flag and Pole (Continuation)
Script: Nifty (Index)
Timeframe: 15-Minute Chart
Trading Type: Futures and Options (FnO)
Price Pattern Characteristics:
The Flag and Pole pattern consists of two key components:
The Pole: Represents a sharp and strong directional move, typically upward, indicating a significant bullish sentiment. In this case, Nifty has exhibited a strong rally, forming the “Pole” of the pattern.
The Flag: After the sharp rise, the price enters a consolidation phase with a slight downward or sideways drift. The “Flag” forms as price moves within a tight range, typically between two parallel trendlines sloping downward.
Trade Setup and Expectations:
The price is currently in the consolidation phase, creating the Flag. This temporary pause is likely to be followed by another bullish move, resuming the earlier uptrend.
Breakout Confirmation: The key level to watch is the upper trendline of the Flag. A breakout above this level, coupled with strong volume, would signal the continuation of the uptrend.
Possible Targets:
Target 1 (T1): 25100
Target 2 (T2): 25200
Stoploss : 24970
These targets are based on the measured move concept, where the height of the Pole is projected from the breakout point.
Risk Management:
Given the nature of this continuation pattern, it’s crucial to wait for a confirmed breakout with volume before entering the trade. Set a stop loss slightly below the lower trendline of the Flag to manage risk.
Conclusion:
The Flag and Pole pattern on Nifty's 15-minute chart points towards a bullish continuation, making it a favorable setup for FnO traders. However, ensure proper risk management, as patterns may fail or face unexpected market influences.
This analysis should be taken as a probable scenario rather than an exact prediction, with adaptability to real-time price action being key.
Disclaimer: DO NOT FOLLOW THIS STUDY BLINDLY. PLEASE DO YOUR OWN ANALYSIS BEFORE TAKING A TRADE.
Technical Analysis Overview:
Pattern Type: Flag and Pole (Continuation)
Script: Nifty (Index)
Timeframe: 15-Minute Chart
Trading Type: Futures and Options (FnO)
Price Pattern Characteristics:
The Flag and Pole pattern consists of two key components:
The Pole: Represents a sharp and strong directional move, typically upward, indicating a significant bullish sentiment. In this case, Nifty has exhibited a strong rally, forming the “Pole” of the pattern.
The Flag: After the sharp rise, the price enters a consolidation phase with a slight downward or sideways drift. The “Flag” forms as price moves within a tight range, typically between two parallel trendlines sloping downward.
Trade Setup and Expectations:
The price is currently in the consolidation phase, creating the Flag. This temporary pause is likely to be followed by another bullish move, resuming the earlier uptrend.
Breakout Confirmation: The key level to watch is the upper trendline of the Flag. A breakout above this level, coupled with strong volume, would signal the continuation of the uptrend.
Possible Targets:
Target 1 (T1): 25100
Target 2 (T2): 25200
Stoploss : 24970
These targets are based on the measured move concept, where the height of the Pole is projected from the breakout point.
Risk Management:
Given the nature of this continuation pattern, it’s crucial to wait for a confirmed breakout with volume before entering the trade. Set a stop loss slightly below the lower trendline of the Flag to manage risk.
Conclusion:
The Flag and Pole pattern on Nifty's 15-minute chart points towards a bullish continuation, making it a favorable setup for FnO traders. However, ensure proper risk management, as patterns may fail or face unexpected market influences.
This analysis should be taken as a probable scenario rather than an exact prediction, with adaptability to real-time price action being key.
Disclaimer: DO NOT FOLLOW THIS STUDY BLINDLY. PLEASE DO YOUR OWN ANALYSIS BEFORE TAKING A TRADE.
Trade closed: target reached
Target Reached 
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.