NIFTY Analysis:
NIFTY has been exhibiting an ascending channel pattern subsequent to reaching the All-Time High (AHT) point, indicating a clear bullish trajectory. In the event that NIFTY surpasses yesterday's high, there is potential for prices to ascend towards the target range of 21288 - 21309. Following this upward move, the market may experience a period of sideways movement, potentially leading to a reversal from that price zone. It is advised to refrain from initiating any trades within this range.
Breakout Scenario:
A breakout above this range could propel prices higher, with a potential target around 21500 in the near future.
Short Trade Recommendation:
Conversely, if prices breach the ascending channel pattern, a short trade is suggested. Establish a short position with a stop loss at 21180, targeting the levels of 21100 - 21070. A further breakdown below 21070 could lead to a decline to the level of 20990, presenting a potential buying opportunity for traders.
It is crucial for traders to remain vigilant and closely monitor price movements, adhering to the specified entry and exit points, to effectively manage risk and capitalize on potential trading opportunities.
NIFTY has been exhibiting an ascending channel pattern subsequent to reaching the All-Time High (AHT) point, indicating a clear bullish trajectory. In the event that NIFTY surpasses yesterday's high, there is potential for prices to ascend towards the target range of 21288 - 21309. Following this upward move, the market may experience a period of sideways movement, potentially leading to a reversal from that price zone. It is advised to refrain from initiating any trades within this range.
Breakout Scenario:
A breakout above this range could propel prices higher, with a potential target around 21500 in the near future.
Short Trade Recommendation:
Conversely, if prices breach the ascending channel pattern, a short trade is suggested. Establish a short position with a stop loss at 21180, targeting the levels of 21100 - 21070. A further breakdown below 21070 could lead to a decline to the level of 20990, presenting a potential buying opportunity for traders.
It is crucial for traders to remain vigilant and closely monitor price movements, adhering to the specified entry and exit points, to effectively manage risk and capitalize on potential trading opportunities.