GIFT Nifty has formed a Double Top near 24,800, followed by a breakdown of the neckline and continued selling. The failed retest around 23,400–23,500 adds strength to the bearish setup.
The Fibonacci levels also support the downside:
0.786 Fib: 23,439 – now resistance
1.0 Fib: 23,070 – important broken level
1.618 Fib: 22,001 – first major downside target
2.618 Fib: around 20,275 – extended target
Price is currently around 22,610, below the 1.0 Fib level. Unless 23,070–23,400 is reclaimed, the bearish structure remains intact.
The immediate zone to watch is 22,000–21,700. A sustained break below this area can open the way toward 21,400 and eventually the 20,275 Fibonacci extension.
In short: Double Top breakdown + failed retest + Fibonacci support levels are aligning for a bearish structure.
Any bounce into 23,000–23,400 needs to be watched for rejection rather than assuming a reversal.
RSI is around 23, so the market is oversold and a short-term bounce cannot be ruled out. But unless the broken levels are reclaimed, the larger structure remains bearish.
DISCLAIMER:
For educational and informational purposes only. This is my personal technical analysis, not financial or trading advice or a recommendation to buy/sell. Do your own research before trading. Markets involve substantial risk, and all levels, targets and setups are illustrative and not guaranteed. Trade with proper risk management and never rely solely on this analysis.
Trade with logic. Risk with discipline.
Logic Trade Room
The Fibonacci levels also support the downside:
0.786 Fib: 23,439 – now resistance
1.0 Fib: 23,070 – important broken level
1.618 Fib: 22,001 – first major downside target
2.618 Fib: around 20,275 – extended target
Price is currently around 22,610, below the 1.0 Fib level. Unless 23,070–23,400 is reclaimed, the bearish structure remains intact.
The immediate zone to watch is 22,000–21,700. A sustained break below this area can open the way toward 21,400 and eventually the 20,275 Fibonacci extension.
In short: Double Top breakdown + failed retest + Fibonacci support levels are aligning for a bearish structure.
Any bounce into 23,000–23,400 needs to be watched for rejection rather than assuming a reversal.
RSI is around 23, so the market is oversold and a short-term bounce cannot be ruled out. But unless the broken levels are reclaimed, the larger structure remains bearish.
DISCLAIMER:
For educational and informational purposes only. This is my personal technical analysis, not financial or trading advice or a recommendation to buy/sell. Do your own research before trading. Markets involve substantial risk, and all levels, targets and setups are illustrative and not guaranteed. Trade with proper risk management and never rely solely on this analysis.
Trade with logic. Risk with discipline.
Logic Trade Room
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.