Nifty 50 - Daily Chart Update

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A harmonic structure (XABCD) is unfolding with both bullish recovery attempts and potential downside extension.

🔹 Pattern & Fibonacci Levels

XA: Fall from 25,800 → 24,150.

AB: Pullback to ~0.613 Fib retracement.

BC: Bounce to ~0.925 Fib (~24,500).

CD: Projection zones:

Upside target near 25,600 (1.487 extension).

Downside risk toward 23,800–23,500 (1.62 projection).

🔹 Key Zones

Resistance: 24,820 – 25,000, followed by 25,600.

Support: 24,400 initially, with deeper risk toward 23,800–23,500.

Current Price: 24,741 (+0.03%)

🔹 Momentum

RSI: At 49.21, hovering around neutral; shows indecision.

Volume: Spikes during recent swings suggest strong participation.

Moving averages: Trying to flatten out, signaling a possible reversal attempt.

📌 Trading View

Sustained close above 24,820–25,000 may trigger a rally toward 25,600.

Breakdown below 24,400 could accelerate fall to 23,800–23,500.

Neutral RSI suggests market awaiting a breakout direction.

#Nifty50 #TechnicalAnalysis #HarmonicPattern #TradingView #IndianMarkets

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