Nifty 50 OVERVIEW

 

Nifty 50 Index chart you provided (30-minute time frame):

Technical Analysis Summary 🟩 Key Levels:

Immediate Resistance: ~24,880–24,932 (Fibonacci 0.5 and 0.382 levels, also near the downtrend line).

Immediate Support: ~24,826 (Fibonacci 0.618 level).

Major Support: ~24,751 (Fibonacci 0.786 level).

Major Resistance: ~25,104 (recent high), ~25,252.

🚨 Risk Level:

Current price (~24,854) is near a confluence of resistance (trendline + 0.5 Fib).

High risk for longs unless price breaks above 24,932 decisively.

📉 Potential Support:

24,826 (Fib 0.618 level and previous consolidation).

24,751 (Fib 0.786 level) – strong support if breakdown occurs.

📈 Potential Resistance:

24,932 (Fib 0.382 and trendline).

25,104 (swing high, major hurdle).

📊 Momentum:

Momentum is mildly bullish as price is forming higher lows.

Still under pressure due to downtrend line resistance and failure to break above 0.382 Fib.

📍 Estimated Direction:

Neutral to Mildly Bearish in short term unless 24,932 is breached.

If 24,932 is broken with volume, possible upside towards 25,104–25,252.

Breakdown below 24,826 may lead to test of 24,751.

🕒 Time Frame:

30-Minute Chart: Intra-day to short-term swing.

📐 Technical Pattern:

Descending Triangle resistance being tested.

Potential inverse head and shoulders forming if price holds above 24,826 and breaks above 24,932.

Consolidation zone between 24,826–24,932.