Nifty50 Has given a cup& handle breakout and has already retested this breakout.
Currently, it is hovering near ATH and already looks ready for a breakout.
If this breakout sustains, we might see a good rally coming till budget(Feb'26) and levels to watch according to fib are 27500, 28150 & 29000.
However, December is a favourite season for FIIs to offload money and a correction is historically seen during Christmas season. So, there is a high probability of a bull trap formation as well.
25300 will be a crucial support for Nifty. a breakdown of this level will be confirmation of bull trap and we might see a sharp fall towards 24000 level.
I will suggest to keep a watch on Nifty price action if you have any swing trades open.
Currently, it is hovering near ATH and already looks ready for a breakout.
If this breakout sustains, we might see a good rally coming till budget(Feb'26) and levels to watch according to fib are 27500, 28150 & 29000.
However, December is a favourite season for FIIs to offload money and a correction is historically seen during Christmas season. So, there is a high probability of a bull trap formation as well.
25300 will be a crucial support for Nifty. a breakdown of this level will be confirmation of bull trap and we might see a sharp fall towards 24000 level.
I will suggest to keep a watch on Nifty price action if you have any swing trades open.
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Related publications
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.