Nifty 50 16 Dec 2024 View

Key Observations:
Support and Resistance Levels:

1. Support 1: 23,884.60
   
2. Support 2: 23,264.60
   
3. Resistance 1: 24,769.95
   
4. R2: 25,193.80
   
5. R3: 25,646.70
   

Trendlines:

The chart shows a rising wedge/channel with price trading upwards near Resistance 1.
The current upward trend may face resistance at higher levels, particularly R2 and R3.

Harmonic Patterns:

Shark Pattern (Left side): Indicating a reversal in earlier phases.
ABCD Patterns & Cypher: Multiple harmonic patterns suggest significant retracement zones and reversals.

Volume Analysis:

Noticeable volume spikes during corrections, hinting at strong buyer interest during pullbacks.

Outlook:

Watch for a breakout above Resistance 1 for further upward momentum.
Breakdown below Support 1 could trigger a reversal toward Support 2.

Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. I am a long-term options seller, and my positions may differ from short-term trading perspectives. Always consider your risk appetite before making investment decisions.