NIFTY 50 is currently trading at 22,082.65, facing crucial support and resistance levels. Based on technical analysis, two possible scenarios are emerging:
Bullish Case: If NIFTY breaks above 24,050, it could see a strong uptrend, targeting 26,277, 28,052, and ultimately 31,996 in the long term.
Bearish Case: A breakdown below 20,285 may lead to a further decline towards 18,837, 17,735, and possibly 15,007, testing previous long-term supports.
Reasons for Analysis:
Market Structure: NIFTY is in a corrective phase after a significant uptrend.
Key Levels: Identified historical support & resistance zones.
Volatility & Sentiment: Uncertain macroeconomic conditions and global market movements.
Trend Confirmation Needed: A breakout or breakdown will determine the next big move.
Conclusion
Traders should monitor 24,050 (resistance) and 20,285 (support) for confirmation of either trend. Stay cautious and manage risk accordingly! 🚀📉
Bullish Case: If NIFTY breaks above 24,050, it could see a strong uptrend, targeting 26,277, 28,052, and ultimately 31,996 in the long term.
Bearish Case: A breakdown below 20,285 may lead to a further decline towards 18,837, 17,735, and possibly 15,007, testing previous long-term supports.
Reasons for Analysis:
Market Structure: NIFTY is in a corrective phase after a significant uptrend.
Key Levels: Identified historical support & resistance zones.
Volatility & Sentiment: Uncertain macroeconomic conditions and global market movements.
Trend Confirmation Needed: A breakout or breakdown will determine the next big move.
Conclusion
Traders should monitor 24,050 (resistance) and 20,285 (support) for confirmation of either trend. Stay cautious and manage risk accordingly! 🚀📉
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