Based on the provided TradingView chart of the Nifty 50 Index, here’s an analysis of potential target, stop-loss, support, and resistance levels for tomorrow:
Key Observations: Current Price Level: Around 23,587.
Resistance Levels (Upside Target):
23,632 - 23,635: Immediate resistance level.
23,704 - 23,740: Major resistance zone. If the price breaks above this, 23,740 is the next upside target.
Support Levels (Downside Target):
23,560 - 23,538: Immediate support zone.
23,504 - 23,451: Major support level. If Nifty breaks below 23,538, it can move toward 23,451.
Trade Setup:
Bullish Scenario (Breakout Above Resistance)
Entry: If Nifty breaks 23,635 convincingly.
Target: 23,704 and then 23,740.
Stop Loss: Below 23,560.
Bearish Scenario (Breakdown Below Support)
Entry: If Nifty breaks below 23,538.
Target: 23,504, and further down to 23,451.
Stop Loss: Above 23,600.
Conclusion: Breakout above 23,635 → Bullish towards 23,704 - 23,740.
Breakdown below 23,538 → Bearish towards 23,504 - 23,451.
Keep an eye on price action near these zones before entering a trade.
Nifty 50 Trend & Trading Plan for Tomorrow 1️⃣ Trend Analysis Current Price: ~23,587
Market Structure:
Nifty is in a consolidation phase between 23,560 - 23,635.
A breakout above 23,635 can lead to an upside move.
A breakdown below 23,538 can lead to further downside.
Bias: Neutral to slightly bullish (but needs confirmation from breakout/breakdown).
2️⃣ Trading Strategy for Tomorrow 📌 Scenario 1: Bullish (Breakout Above 23,635-23,640) ✅ Trade Setup:
Entry: Buy if Nifty breaks above 23,635 with volume.
Target:
First Target: 23,704
Second Target: 23,740
Stop Loss: Below 23,560
📌 Scenario 2: Bearish (Breakdown Below 23,538-23,530) ✅ Trade Setup:
Entry: Sell if Nifty breaks below 23,538 with strong momentum.
Target:
First Target: 23,504
Second Target: 23,451
Stop Loss: Above 23,600
3️⃣ Conclusion: Which Side to Trade? 🔹 Wait for a breakout/breakdown from the range (23,560 - 23,635). 🔹 If Nifty holds 23,560 support, then buy on breakout above 23,635 for a bullish move. 🔹 If Nifty breaks 23,538 support, then sell for downside targets.
📊 Overall Bias:
Bullish Above 23,635
Bearish Below 23,538
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