Nifty 50 Moment Analysis
Today, the Nifty movement showed a strong bounce-back after a prolonged downward trend came to a halt. However, from a technical perspective, Nifty has continued to make lower highs and lower lows, and there is no confirmed indication of an upward trend reversal yet. For Nifty to initiate an upward journey, it must first break the initial resistance level (R1) between 24,450 and 24,500 and move above the second resistance level (R2) at 24,650.
If Nifty closes and sustains above 24,500 today, we may expect an upward continuation tomorrow. However, if it fails to hold above 24,450, the likelihood of resuming the downward trend increases, targeting the first support (S1) at 24,200. A break below this support could drive Nifty down towards its second strong support zone between 24,000 and 23,900. Should market sentiment further deteriorate, a panic-triggered decline could potentially take Nifty to a low of 23,577–23,500.
This is solely my personal analysis and should not be taken as advice or recommendation. Please conduct your own research or consult a trusted advisor before making any financial decisions. Avoid acting on tips from unverified sources to safeguard your hard-earned money. Stay wise and safe, focus on long-term investments, and build wealth responsibly."
If Nifty closes and sustains above 24,500 today, we may expect an upward continuation tomorrow. However, if it fails to hold above 24,450, the likelihood of resuming the downward trend increases, targeting the first support (S1) at 24,200. A break below this support could drive Nifty down towards its second strong support zone between 24,000 and 23,900. Should market sentiment further deteriorate, a panic-triggered decline could potentially take Nifty to a low of 23,577–23,500.
This is solely my personal analysis and should not be taken as advice or recommendation. Please conduct your own research or consult a trusted advisor before making any financial decisions. Avoid acting on tips from unverified sources to safeguard your hard-earned money. Stay wise and safe, focus on long-term investments, and build wealth responsibly."
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