NIFTY 50 is currently at a key level, presenting an opportunity for intraday traders. Based on price action analysis, we anticipate a short-term move to 23,300 before a potential further drop.
Trade Analysis:
📌 Reasons for the Trade:
1️⃣ V-shaped recovery observed on a smaller time frame, indicating a potential short-term upward move.
2️⃣ Head and Shoulders pattern breakdown on the higher time frame, suggesting a retest of resistance before continuing downward.
3️⃣ Fibonacci Levels show that price is at a crucial support zone, aligning with the broader market structure.
Trade Plan:
🔹 Entry: Near the resistance retest zone.
🔹 Target: 23,300 (short-term), with a possibility of further downside.
🔹 Stop-Loss: Above the resistance zone to manage risk effectively.
Traders should watch for confirmation before entering the trade. Stay updated with market sentiment and global factors for better risk management. 🚀📉
Trade Analysis:
📌 Reasons for the Trade:
1️⃣ V-shaped recovery observed on a smaller time frame, indicating a potential short-term upward move.
2️⃣ Head and Shoulders pattern breakdown on the higher time frame, suggesting a retest of resistance before continuing downward.
3️⃣ Fibonacci Levels show that price is at a crucial support zone, aligning with the broader market structure.
Trade Plan:
🔹 Entry: Near the resistance retest zone.
🔹 Target: 23,300 (short-term), with a possibility of further downside.
🔹 Stop-Loss: Above the resistance zone to manage risk effectively.
Traders should watch for confirmation before entering the trade. Stay updated with market sentiment and global factors for better risk management. 🚀📉
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