Rebound Revival: Will Nifty's Upward Trajectory Continue?

ieri

● After experiencing a notable decline from its peak, the broad index has found support around the 23,250 level.
● Since then, it has demonstrated a strong recovery and is currently trading just below the key resistance level of 25,000.
● In the near term, the range between 23,900 and 24,000 is expected to act as support.
● We can anticipate a phase of consolidation between these immediate support and resistance levels, as suggested by the open interest data.


● Additionally, the 2-hour chart reveals the formation of an Inverted Head & Shoulders pattern, suggesting a bullish outlook.
● However, for a substantial upward movement, the Nifty must break through and maintain its position above 25,000.