Nifty CHART

EXACT reversal 24774 [predicted 24776], check previous post

 NIFTY Technical Outlook – Fibonacci Levels in Action

A remarkable Fibonacci-based price structure is unfolding on NIFTY.

📌 Major Swing: 22,182.6 → 24,601.7

✅ The correction found exact support at the 61.8% Fibonacci retracement, triggering a strong reversal and confirming the importance of the golden ratio.

✅ Price then rallied to form a double-top breakout zone near the swing high (24,601.7) before facing resistance.

📌 Current Observation
The market has now pulled back toward the 23.6% Fibonacci retracement zone, a level that has historically acted as a trend continuation area during strong bullish phases.

Key Levels

🔹 23.6% Retracement: 24,030.8
🔹 Support Zone: 24,030 – 23,860
🔹 Swing High Resistance: 24,601.7

Market Interpretation

As long as NIFTY holds above 24,030–23,860, the broader bullish structure remains intact. This zone represents a confluence of Fibonacci support and prior breakout territory, making it a critical area for buyers to defend.

A successful hold could pave the way for:
➡️ Retest of 24,600
➡️ Fresh breakout above the double-top resistance
➡️ Extension toward higher Fibonacci projections

Conclusion

The market has respected Fibonacci levels with exceptional precision—first reversing from the 61.8% retracement and now testing the 23.6% retracement support. Traders should closely monitor the 24,030–23,860 zone, as it may become the launchpad for the next upward leg.

Support: 24,030 – 23,860
Resistance: 24,602
Bias: Bullish above support zone

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