Nifty 50 - Short-Term Relief Rally in Progress?
Analysis: Nifty 50 seems to be showing signs of recovery after a correction phase, with a potential inverse Head and Shoulders pattern indicating a bullish reversal. The neckline near the 23,700 level appears crucial, and a sustained breakout above this level could drive the index towards 24,042 and 24,461 in the coming weeks.
Key support levels to watch are 23,327 and 22,755, as they represent areas where buyers might step in. Meanwhile, the RSI indicates that the index might be exiting the oversold zone, adding weight to the recovery thesis.
A zig-zag consolidation can be expected before a sharp move higher, as shown by the projected trajectory. A breach of 24,816 could signal a strong rally toward 25,600 and beyond.
Key support levels to watch are 23,327 and 22,755, as they represent areas where buyers might step in. Meanwhile, the RSI indicates that the index might be exiting the oversold zone, adding weight to the recovery thesis.
A zig-zag consolidation can be expected before a sharp move higher, as shown by the projected trajectory. A breach of 24,816 could signal a strong rally toward 25,600 and beyond.
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