Nifty 50 IndexLong
Nifty 50 16 Dec 2024 View
Key Observations:
Support and Resistance Levels:
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.
Support and Resistance Levels:
- Support 1: 23,884.60
- Support 2: 23,264.60
- Resistance 1: 24,769.95
- R2: 25,193.80
- 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.