NIFTY is still moving inside a clear descending channel, with price continuing to form lower highs and lower lows.
The latest recovery was rejected from the resistance area near the upper side of the structure, showing that sellers are still active. As long as price remains below this area, the bearish trend remains intact.
The first support to watch is around 22,324. If this level fails to hold, price could continue lower toward the 22,000 area, which is also close to the lower boundary of the descending channel.
For now, I would remain cautious with bullish positions while price stays below resistance. Watch how NIFTY reacts around these key levels before taking a trade.
The latest recovery was rejected from the resistance area near the upper side of the structure, showing that sellers are still active. As long as price remains below this area, the bearish trend remains intact.
The first support to watch is around 22,324. If this level fails to hold, price could continue lower toward the 22,000 area, which is also close to the lower boundary of the descending channel.
For now, I would remain cautious with bullish positions while price stays below resistance. Watch how NIFTY reacts around these key levels before taking a trade.
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📊 | Gold |
Turning charts into opportunities.
🔍 Volume Analysis
📈 Trend Forecasts
💡 Free Trading Ideas
🌍 Join our growing community: t.me/+hBzvyXf4kKFiNTE1
Turning charts into opportunities.
🔍 Volume Analysis
📈 Trend Forecasts
💡 Free Trading Ideas
🌍 Join our growing community: t.me/+hBzvyXf4kKFiNTE1
Related publications
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.