The provided chart is a 1-minute Nifty 50 Index chart from NSE, analyzed using TradingView. Below is a detailed breakdown of the chart, including short-term and long-term views, as well as potential target (TGT) and stop-loss (SL) levels:
Technical Analysis Breakdown:
Chart Patterns:
A symmetrical triangle pattern is visible, indicating consolidation.
A breakout or breakdown may occur soon.
Fibonacci Retracement Levels:
0.382 Level: 23,284 (Resistance)
0.5 Level: 23,265 (Neutral Zone)
0.618 Level: 23,246 (Support)
0.786 Level: 23,219 (Strong Support)
Support and Resistance Levels:
Immediate Resistance: 23,284 (Fibonacci 0.382 level)
Major Resistance: 23,345
Immediate Support: 23,258 (Fibonacci zone)
Major Support: 23,222
Relative Strength Index (RSI):
RSI is around 53.91, indicating neutral momentum.
RSI needs to cross 60+ for a bullish confirmation.
Volume:
Volume is moderate, suggesting that a strong breakout needs higher volume confirmation.
Short-Term View (Intraday & Next Few Hours):
Bullish Scenario: If Nifty breaks above 23,284 with volume, the next target is 23,345.
Bearish Scenario: If Nifty drops below 23,258, expect a decline to 23,222 or lower.
📌 Target (TGT): 23,345 (Upside)
📌 Stop Loss (SL): 23,246 (Downside Break)
Long-Term View (Next Few Days/Weeks):
Bullish Bias: Above 23,345, Nifty can trend towards 23,400–23,500.
Bearish Bias: If Nifty breaks 23,222, further downside towards 23,150–23,100 is possible.
🚀 Long-Term TGT: 23,500
🔻 Long-Term SL: 23,150
Conclusion:
Wait for a breakout from the symmetrical triangle.
Above 23,284, go long with a target of 23,345+.
Below 23,258, go short with a target of 23,222.
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