As we can see NIFTY has formed both a W pattern in bigger time frame and an inverted head and shoulders structure in smaller time frame. Both these structures signifies strong upmove on the break of their neckline. The neckline for both the structures can be seen around 24000-24050 level, on break of which, we can expect NIFTY to show strong upmove. Since, this level has been tested multiple times before, making it weaker, any closing above this level can show strong upmove till 24250 levels. So, plan your trades accordingly and keep watching everyone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.