nifty50 breakout and sustaining it above 23791

The chart represents the Nifty 50 Index (NSE) on a daily (1D) timeframe. Here are key observations and insights:

Current Market Analysis (Price: 23,688.65)
• Resistance Levels:
• 23,791.40: Immediate resistance.
• 24,552.15: Strong resistance zone.
• 25,126.85: Key upper resistance.
• 27,090.40: Major long-term resistance.
• Support Levels:
• 23,366.80: Psychological support.
• 22,303.85 (0.236 Fib retracement): Moderate support.
• 21,646.20 (0.382 Fib retracement): Strong support.
• 20,505.45 - 20,296.05: Major long-term support.

Breakout Possibility
• The index is currently trying to break out above the resistance of 23,791.40.
• If it successfully closes above this level, it could test 24,552.15 next.
• A strong breakout above 25,126.85 would signal a bullish trend continuation.

Support Analysis
• If the price fails to sustain above 23,791.40, it might retest 23,366.80.
• A break below 22,303.85 could trigger a further decline to 21,646.20 or lower.

Conclusion
• Bullish Scenario: If Nifty sustains above 23,791.40, it could see further upside towards 24,552.15 and beyond.
• Bearish Scenario: If Nifty rejects at resistance, it might pull back towards 23,366.80 and lower.