If the sentiments continue to be bearish and a breakdown of the 19300 levels occurs, it could pull the Nifty down to the 18900 levels. In previous sessions, Nifty was unable to close above the levels of 19600 and 19800. A descending triangle pattern, indicating a potential reversal, has formed on the hourly timeframes. If the support remains intact, we may observe Nifty consolidating for some time.
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Disclaimer:I am not a SEBI Registered Analyst, and the views expressed here are solely my own and for educational purposes only. Make sure you consult your Financial advisor before investing, as I won't be responsible for any losses incurred.
Please give a boost if you find the analysis helpful and consider following for more. Any suggestions or advice are warmly welcomed.
Disclaimer:I am not a SEBI Registered Analyst, and the views expressed here are solely my own and for educational purposes only. Make sure you consult your Financial advisor before investing, as I won't be responsible for any losses incurred.
Comment:
Nifty has successfully maintained its support around 19300 and undergone a consolidation phase. Potential upside movement is likely if it manages to breach the resistance level at approximately 19500. As of now, two critical levels are worth monitoring: an upside movement beyond 19500 and a downside movement towards 19300