NIFTY FUTERE INDEX OVERVIEW

NIFTY Index Futures based on the chart you've shared:

📊 Current Market Price (CMP): CMP: ₹24,686 (approx.)

📈 Trade Setup Buy Range: ₹24,660 – ₹24,690

Target: ₹25,192 (upper resistance zone visible on the chart)

Stoploss: ₹24,625 (just below 0.786 Fib retracement level)

🔍 Fibonacci Retracement Levels (from recent swing high to low): 0.382: ₹24,916

0.5: ₹24,831

0.618: ₹24,746 (around current price)

0.786: ₹24,625 (Stoploss area)

📈 Technical View Short Term (1–5 days): View: Bullish Bias

Reason: Price appears to be breaking out of a falling wedge/downtrend line. A retest of breakout support with bullish divergence on RSI suggests a potential short-term rally.

Medium Term (1–3 weeks): View: Cautiously Bullish

Reason: As long as price holds above ₹24,625, upward targets to ₹24,916 and ₹25,192 remain valid.

Long Term (1+ month): View: Neutral to Bullish

Reason: Higher timeframes need confirmation through a clean break and sustain above ₹25,200 for a trend continuation.

📈 Potential Upside From CMP to Target:

₹25,192 − ₹24,686 = ₹506

% Upside = (506 / 24,686) × 100 ≈ 2.05%

📉 RSI Indicator (Bottom Panel): Currently near the 30–40 level (oversold region), signaling possible bullish reversal.

"Bull" label suggests a bullish signal or divergence was recently triggered.

🧠 Summary: Strategy: Buy on dips around ₹24,670 with a tight stop at ₹24,625.

Confirmation: Break above 0.5 or 0.618 Fibonacci levels will strengthen bullish case.

Risk Management: Small downside with potential 2% upside gives a favorable risk-to-reward ratio.