Nifty 50: Outlook for next week and feb-25
After analyzing the index’s movement from August to December 2024, Nifty 50 has exhibited two key patterns:
1. Head & Shoulders:
• Rally from 24,887 to ATH 26,277 (Sep 9–26).
• Breakdown after completing the right shoulder on Oct 21, leading to a 1,500-point fall to 23,291 on Nov 22.
2. Inverse Head & Shoulders:
• Formation began on Oct 23, with the head completed on Nov 21 and a neckline formed by Nov 26.
• On Dec 4, the right shoulder completed, followed by a breakout above 24,463. The index consolidated for a week between Dec 4–13, strengthening the breakout signal.
Outlook
With strong confirmation of a bullish reversal above last week close, supported by FIIs inflows and favorable macroeconomic data (CPI/IIP), It is highly likely that Nifty 50 is likely to hit 25,647 by December 23, 2024. If the breakout doesn’t happen then we can see a consolidation and retest on last week levels failing which will lead to a breakdown which can push Nifty to 23,000 levels by Februrary 2025
Disclaimer: I am not SEBI-registered. This analysis is for educational and study purposes only. Any trade taken based on this view is solely at your own risk and is not a recommendation.
After analyzing the index’s movement from August to December 2024, Nifty 50 has exhibited two key patterns:
1. Head & Shoulders:
• Rally from 24,887 to ATH 26,277 (Sep 9–26).
• Breakdown after completing the right shoulder on Oct 21, leading to a 1,500-point fall to 23,291 on Nov 22.
2. Inverse Head & Shoulders:
• Formation began on Oct 23, with the head completed on Nov 21 and a neckline formed by Nov 26.
• On Dec 4, the right shoulder completed, followed by a breakout above 24,463. The index consolidated for a week between Dec 4–13, strengthening the breakout signal.
Outlook
With strong confirmation of a bullish reversal above last week close, supported by FIIs inflows and favorable macroeconomic data (CPI/IIP), It is highly likely that Nifty 50 is likely to hit 25,647 by December 23, 2024. If the breakout doesn’t happen then we can see a consolidation and retest on last week levels failing which will lead to a breakdown which can push Nifty to 23,000 levels by Februrary 2025
Disclaimer: I am not SEBI-registered. This analysis is for educational and study purposes only. Any trade taken based on this view is solely at your own risk and is not a recommendation.
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.
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.