Nifty 50 Ready for 24200?

📊 Nifty 50 Daily Analysis

🔸 Current Resistance:
Nifty is facing resistance at the 50 DMA and the top of the wedge pattern.

🔸 Market Structure:
The structure remains Lower Highs (LH) and Lower Lows (LL), keeping the bearish trend intact.

🔸 Key Support Levels:

Pivot 1: 23,534 (must hold for bullish momentum).
Recent Swing Low: 22,783 (breaking this could push Nifty down to 21,800).

🔸 Upside Potential:
If Nifty consolidates tightly above Pivot 1 with small candles, a breakout could happen with target 24,200. However, expect challenges with multiple resistances ahead.

⚠️ Challenges to the Uptrend:

Average corporate earnings may limit optimism.
Global factors like yields and economic data could act as headwinds.
Nifty is below 50 and 200 DMAs, signaling weak sentiment.

📅 Key Upcoming Events:

• RBI Policy Meeting: Interest rate decisions 🏦
  
• US Non-Farm Payroll Data: Impacting global flows 📈
  
• Quarterly Earnings: Heavyweights’ performance 🏢
  
• Budget Announcements: Fiscal policy insights 🗂️
  
• Global Factors: Fed updates and crude oil trends 🌎
  
• MSCI Index Rebalancing
  
• Summary:
  

✔️ Bullish View: A breakout above Pivot 1 may lead to 24,200.
❌ Bearish View: Breaking 22,783 increases the chances of a drop to 21,800.

👉 Nifty's upward journey won’t be smooth, so trade cautiously.