NIFTY50 - ASCENDING CHANNEL - MONTHLY CHART
NIFTY50 - ASCENDING CHANNEL - MONTHLY CHART.
Nifty is currently trading within an ascending channel and remains significantly above the 50 EMA. On the weekly chart, it is forming a double bottom pattern.
The recent market decline is attributed to the US Fed's rate cut and hawkish commentary. Based on technical analysis, open interest (OI) data, and market news, there is a likelihood of the Nifty reaching the 23,000 level.
*This analysis is based on my personal understanding and for learning and educational purposes only, not a trading advice. Pls consult your financial advisor before investing.
Nifty is currently trading within an ascending channel and remains significantly above the 50 EMA. On the weekly chart, it is forming a double bottom pattern.
The recent market decline is attributed to the US Fed's rate cut and hawkish commentary. Based on technical analysis, open interest (OI) data, and market news, there is a likelihood of the Nifty reaching the 23,000 level.
*This analysis is based on my personal understanding and for learning and educational purposes only, not a trading advice. Pls consult your financial advisor before investing.
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