From the provided TradingView chart of the Nifty 50 Index, let's analyze the possible target, stop-loss, support, and resistance levels based on Fibonacci retracement, price action, and technical indicators.
Key Observations:
Support & Resistance Levels:
Immediate Resistance: Around 22,623.55 (Marked in blue) and within the Fibonacci 0.382 (22,625.75).
Immediate Support: Around 22,521.10 (Fibonacci 0.786), which is currently being tested.
Fibonacci Retracement:
The price has retraced near the 0.786 level (22,521.10), which acts as strong support.
The 0.618 level (22,564.65) previously acted as support but is now resistance.
Target & Stop-Loss Consideration:
Target (Upside):
If the price sustains above 22,521.10, a bounce back towards 22,564.65 (0.618 Fib level) and then 22,595.20 (0.5 Fib level) can be expected.
A breakout above 22,623.55 could push prices toward 22,650+ levels.
Stop-Loss:
If the price falls below 22,521.10, it might head towards 22,465.10, the next key support level.
Stop-loss can be placed at 22,500 to minimize risk.
Indicators & Confirmation:
RSI & Stochastic: The RSI is in the oversold region (below 40), indicating a possible reversal if support holds.
Volume: A spike in volume near support could confirm a reversal; otherwise, a breakdown is likely.
Trading Plan for Today:
Bullish Case (Long Trade): If Nifty 50 holds 22,521.10 and shows strength, consider buying with a target of 22,564.65 - 22,595.20. Stop-loss at 22,500.
Bearish Case (Short Trade): If Nifty 50 breaks below 22,521.10, it may head towards 22,465.10, making it a shorting opportunity. Stop-loss at 22,550.
Nifty 50 Index – Short-Term, Medium-Term, and Long-Term View
1. Short-Term View (Intraday to Few Days)
Current Trend: Weakness, testing key support levels.
Support: 22,521 (Fibonacci 0.786), followed by 22,465.
Resistance: 22,564 (Fibonacci 0.618) and 22,595 (Fibonacci 0.5).
Strategy:
If Nifty holds 22,521, a bounce towards 22,564 - 22,595 is possible.
If it breaks below 22,521, expect a decline towards 22,465.
RSI in the oversold zone signals a potential rebound.
Short-Term Bias:
🔹 Bearish Below 22,521 → Targets: 22,465 - 22,400.
🔹 Bullish Above 22,564 → Targets: 22,595 - 22,623.
2. Medium-Term View (Few Weeks to a Month)
Trend: Sideways to Mild Bullish
Nifty has been in a consolidation phase, with 22,500 - 22,600 acting as a demand zone.
If 22,465 holds, expect a recovery towards 22,700 - 22,800 levels.
A breakdown below 22,465 could trigger a correction towards 22,300 - 22,200.
Medium-Term Bias:
🔹 Bullish Above 22,600 → Targets: 22,750 - 22,900.
🔹 Bearish Below 22,465 → Targets: 22,300 - 22,200.
3. Long-Term View (3+ Months to 1 Year)
Trend: Bullish (Overall Uptrend)
Nifty 50 remains in a strong bull market, making higher highs and higher lows.
As long as 22,200 - 22,300 holds, the long-term uptrend is intact.
Any correction towards these levels should be seen as a buying opportunity.
A breakout above 22,800 - 23,000 will confirm a move towards 23,500 - 24,000 in the next few months.
Long-Term Bias:
🔹 Bullish Above 22,500 → Targets: 23,000 - 23,500 - 24,000.
🔹 Bearish Below 22,200 → Deeper correction towards 21,800 - 21,500.
Summary Table:
Timeframe Bias Key Levels Targets (Upside) Targets (Downside)
Short-Term Bearish to Range-bound 22,521 - 22,564 22,595 - 22,623 22,465 - 22,400
Medium-Term Sideways to Bullish 22,465 - 22,600 22,750 - 22,900 22,300 - 22,200
Long-Term Bullish 22,200+ 23,000 - 23,500 - 24,000 21,800 - 21,500
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