Nifty is trading at 24,895, and has just tested the zero line after a strong upward momentum surge, consolidating near key resistance after a breakout move.
Bullish (Long) Setup
Long Entry (24,845):
Fresh longs can be initiated above 24,845 as bullish momentum takes charge after reclaiming previous resistance.
Consider pyramiding/additional buys near 24,826 if minor dips hold and buyers defend this band, marking sustained accumulation.
Upside Targets:
24,991 (Target 1): First intraday supply and recent high, logical area for profit booking if trend continues.
25,052 (Target 2): Extended bullish target and upper channel resistance.
Stop Loss:
Maintain tight stops below 24,808 (short entry band) or trail as price approaches target for risk management.
Bearish (Short) Setup
Short Entry (24,808):
Shorts only activate below 24,808 on breakdown of support, giving control to bears and signaling failed recovery.
Downside Targets:
24,797 (Target 1): Immediate support and prior bounce area.
24,737 (Target 2): Deeper extension, mapping further weakness if selling accelerates.
Stop Loss:
Cover shorts if price sustains above 24,845 to minimize drawdown on failed breakdowns.
Range/Neutral Logic
Zero Line (24,895):
Price at zero line indicates pivot zone; sustained action above encourages bullish bias toward mapped targets, while slips below may revert to consolidation or minor pullback.
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Technical Chart Analyst
Track: Indian & US Markets
Indices | Commodities | Crypto
Telegram: @ChartPathik for NSE & MCX
& @ChartPathik_Global for US Ins. & Crypto
WhatsApp: +91-99293-91467 for updates.
Track: Indian & US Markets
Indices | Commodities | Crypto
Telegram: @ChartPathik for NSE & MCX
& @ChartPathik_Global for US Ins. & Crypto
WhatsApp: +91-99293-91467 for updates.
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.