Price Action Analysis for Nifty 50 Index (Daily Timeframe)
Candle Pattern Observed:
Downtrend with lower highs and lower lows confirmed by the SuperTrend Indicator showing a Sell Signal.
Trend:
Bearish: Persistent selling pressure with resistance zones being respected and prices failing to sustain upward moves.
Signal:
Sell: Below 23,600 for a continuation of the downtrend.
Buy: Above 24,200 for a trend reversal confirmation.
Target:
Sell Target: 23,300 and 22,800 (next demand zone).
Buy Target: 24,500 and 25,000 (testing prior highs).
Stop Loss:
Sell Stop Loss: Above 23,800.
Buy Stop Loss: Below 23,500.
Additional Notes:
Volume Confirmation: Watch for increased volume during breakdowns or breakouts to validate signals.
Utilize multi-timeframe analysis to refine entry and exit points based on shorter timeframes.
Downtrend with lower highs and lower lows confirmed by the SuperTrend Indicator showing a Sell Signal.
Trend:
Bearish: Persistent selling pressure with resistance zones being respected and prices failing to sustain upward moves.
Signal:
Sell: Below 23,600 for a continuation of the downtrend.
Buy: Above 24,200 for a trend reversal confirmation.
Target:
Sell Target: 23,300 and 22,800 (next demand zone).
Buy Target: 24,500 and 25,000 (testing prior highs).
Stop Loss:
Sell Stop Loss: Above 23,800.
Buy Stop Loss: Below 23,500.
Additional Notes:
Volume Confirmation: Watch for increased volume during breakdowns or breakouts to validate signals.
Utilize multi-timeframe analysis to refine entry and exit points based on shorter timeframes.
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