Technical Analysis of Nifty 50 Index (1-Minute Chart)
Short-Term View (Intraday to Few Hours)
Pattern & Structure:
- The price movement forms a harmonic pattern or zig-zag structure, indicating possible reversals at key Fibonacci levels.
- A retracement is seen from 23,618 (Fib 0.786 level), showing resistance.
- Currently consolidating around 23,538 (Fib 0.618 level), which acts as intraday support.
Support & Resistance:
- Immediate Resistance: 23,582.55 – A breakout above this level can push towards 23,618.20.
- Immediate Support: 23,514.50 – If broken, the next support is at 23,482 (Fib 0.5 level).
Indicators:
- RSI (Relative Strength Index): Near 50, indicating a neutral zone but slightly bearish pressure.
- Volume: Moderate but declining, suggesting weakening momentum.
Short-Term Trade Plan:
- Buy Above: 23,560 (for targets of 23,582, 23,618)
- Sell Below: 23,514 (for targets of 23,476, 23,426)
- Stop Loss: 10-15 points above/below entry
Long-Term View (Few Days to Weeks)
Trend: The broader market remains bullish, but a correction phase is possible.
Key Support Zone: 23,426-23,440 (Major demand zone).
Key Resistance Zone: 23,669 (Upper Fibonacci extension & strong resistance).
Long-Term Trade Plan:
- Bullish if above 23,618, aiming for 23,669+ levels.
- Bearish if below 23,426, aiming for 23,274.
Summary of Trading Strategy
| Trade Type | Entry Level | Target (TGT) | Stop Loss (SL) |
|---|---|---|---|
| Intraday Buy | Above 23,560 | 23,582 / 23,618 | 23,540 |
| Intraday Sell | Below 23,514 | 23,476 / 23,426 | 23,540 |
| Swing Buy | Above 23,618 | 23,669 / 23,700 | 23,570 |
| Swing Sell | Below 23,426 | 23,374 / 23,274 | 23,460 |
Final Thoughts
- Neutral Bias until price action confirms direction.
- Breakout above 23,560 = Bullish momentum; below 23,514 = Bearish pressure.
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