Fibonacci levels. It seems like the bulls are in a good position if the index stays above the 38.2% retracement level (49181-49100) from the recent swing between 50009 and 47844. If the price holds above that zone, it could lead the market toward the 50589-50725 range, with 50725 being the immediate resistance.
On the flip side, if the index drops below the 38.2% support, you're looking at the next support zone around 48671-48410-48307. Watching how the market interacts with these levels will give you further clues.
The bulls seem to be in control for now, but any breakdown below the key support levels could shift momentum quickly. Do you have any other indicators or patterns you’re watching that might give additional confirmation of the trend?
Based on the analysis, after reaching the first resistance at 23600 and Fibonacci 23.6% at 23609,
the Nifty could be poised for consolidation, possibly in the 22786 to 23632 range for the next 2-3 days.
For a bullish scenario, if the index retraces to the 23311-23300 zone (38.2% Fibonacci), it might find
support and bounce back up.
On the bearish side, a breakdown below 23300 could push the Nifty towards the 23110-23100 range (61.8% Fibonacci),
signaling further downside.
It looks like a consolidation phase is likely, but watching how the price behaves around these key levels (especially around 23600) will give you a better idea of the next move.
Do you think external factors, like global market sentiment or upcoming events, could play a role in pushing
the index in one direction or another over the next few days?
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