Nifty Analysis: Potential Bearish Flag Pattern?

8 ago

The recent market activity suggests caution for Nifty as a potential bearish flag pattern might be forming. We've observed a "sell on rise" behavior over the past 3-4 sessions, indicating bearish sentiment. For Nifty to break free from this bearish spell, it needs to sustain above the 24,640 mark.

Key Levels to Watch:

Immediate Support: 23,940
Immediate Resistance: 24,390 and 24,490

Traders should keep an eye on these levels for any breakouts or breakdowns, as they will be crucial in determining the market's next direction. A decisive move above 24,640 could signal a shift in momentum, while failure to hold above this level may reinforce the bearish outlook.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making any trading decisions. Trading in financial markets involves risk, and past performance is not indicative of future results.