29-12-2024

📊 Nifty Daily Technical Analysis - Stay Ahead! 🚀

🔹 Current Price Action: Nifty closed at 23,813, showing showing signs of consolidations near 200 DEMA.

🔹 Key Levels:

200 EMA: 23,694 (Strong long-term support)
20 EMA: 24,104 (Immediate Resistance level)
🔹 Candlestick Pattern: Formation of continuous Doji on the daily chart indicates indecision in the market, signaling a potential reversal or continuation depending on tomorrow`s move.

🔹 RSI: Currently at 40, indicating mild bullish momentum but nearing overbought territory.

🔹 Key Zones:

Resistance: 24,104 (Critical breakout level)
Support: 23,694 (200 EMA, strong support)
📈 Chart Insights:
Nifty is consolidating near support zone with bullish bias. A breakout above 24,104 could trigger fresh buying, while a fall below 23,650 may lead to a deeper correction.

📌 Trading Tip: Stay cautious around the resistance zone. Look for confirmation with volume before entering trades.

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Vikash Bagaria SEBI Registered Research Analyst - INH300008155
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