The chart shows the Nifty 50 Index on a 5-minute timeframe with some key indicators:
Current Price: 22,383.30
Trend: Downtrend with Lower Highs (LH) and Lower Lows (LL) forming.
Volume: Increased in the recent candles, indicating potential movement.
RSI (Relative Strength Index): Around 36.27, near oversold levels.
Support Level: 22,380-22,350 (potential reversal zone).
Resistance Level: 22,450-22,500 (upside hurdle).
Recommendation:
If holding a long position: Keep a stop-loss around 22,350 and aim for a target of 22,450-22,500.
If looking to buy: Wait for confirmation of reversal (like a bullish candle or RSI crossing 40) before entering.
If looking to sell: Consider selling near 22,420-22,450 with a stop-loss around 22,500.
Overall: Wait and watch for now, as the trend is bearish. Only buy if there is a strong reversal signal.
support resistance
Support & Resistance Levels for Nifty 50 (5-Min Chart)
Support Levels (Potential Buy Zones)
22,350 – Strong immediate support; price is near this level.
22,300 – Next support; if the downtrend continues, this level might be tested.
22,250 – Major support; a break below this could lead to further downside.
Resistance Levels (Potential Sell Zones)
22,420 - 22,450 – Immediate resistance; price may face selling pressure here.
22,500 – Major resistance; a breakout above this can indicate a trend reversal.
22,550 - 22,600 – Strong resistance; bulls need to cross this for a strong uptrend.
Trading Strategy Based on Levels
Buy near support (22,350) with SL at 22,300 and target 22,450.
Sell near resistance (22,450) with SL at 22,500 and target 22,350.
Breakout above 22,500 = bullish move; breakdown below 22,300 = more downside.
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