Nifty has breached its trendline resistance but encountered selling pressure near the 23,870 level, suggesting a possible pullback toward the 23,000 support zone.
A potential Inverted Head & Shoulder pattern is forming, which could signal a trend reversal. However, confirmation would require a decisive breakout and sustained hold above the 24,000 resistance level. Also the open interest data indicates strong call writing at 24,000, reinforcing its significance as a key resistance.
In the near term, the index is expected to trade sideways, with market participants awaiting Q4 earnings results for further directional cues. The upcoming earnings season will likely dictate the next major move in the market.
A potential Inverted Head & Shoulder pattern is forming, which could signal a trend reversal. However, confirmation would require a decisive breakout and sustained hold above the 24,000 resistance level. Also the open interest data indicates strong call writing at 24,000, reinforcing its significance as a key resistance.
In the near term, the index is expected to trade sideways, with market participants awaiting Q4 earnings results for further directional cues. The upcoming earnings season will likely dictate the next major move in the market.
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🌐 goodluckcapital.com
🎖️ SEBI registered INH300006582
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📈 Trading and Investment Advice
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🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
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.