Market Update
Harsh Patel
Founder
Nifty bounces from Friday's low of 23606 to intraday high of 23964, will it break 24000 or retreat to lower levels? Read to know what to expect from the market..
23600 becomes new support anchor for Nifty, 24000 a key resistance level.
Nifty Daily Chart
Support levels: 23600 Resistance levels: 24000
Nifty’ bounce from Friday’s low of 23606 might have come due to repeat TACO moment, but technically it was oversold on hourly chart, now a sustained move above 24000 would signify the triangular trading range.
The ascending triangle consolidation on daily chart and pennant continuation pattern on weekly chart with a support of 23600, connecting lows of 22182 & 23072, has upside range of 24500.
While a breakdown below 23600 resume the primary down move to 22500-22000, a move above 24000 may lead to a bounce to 24500.
The market is not in a trend and may swing on either side providing the trading opportunities to bulls and bears, but as the market range narrows the move may become sharper and higher chances of whipsaws.
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