In-Depth Analysis for Nifty 50 Index (15-Minute Char

Nifty 50 has recently broken out from a descending triangle pattern on the 15-minute timeframe, with the current price at 24,295.30, showing a gain of +0.41%. The breakout above the downward sloping resistance line indicates bullish momentum.


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Key Observations:

1. Pattern Breakout:

A descending triangle breakout occurred around 24,250-24,300, suggesting a potential continuation of the uptrend.



2. Support & Resistance:

Immediate Support: The breakout zone 24,200-24,250, which may act as a retest area if the price pulls back.

Immediate Resistance: Near 24,500, corresponding to recent highs.



3. Volume Confirmation:

Noticeable increase in volume during the breakout, validating the bullish move.



4. Bullish Momentum:

Sustained movement above the breakout zone could lead to higher targets.





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Trade Setup:

1. For Bulls:

Entry: On pullback near the breakout level (24,250-24,300).

Target: 24,400, and extended target near 24,500.

Stop Loss: Below 24,200, to protect from false breakouts.



2. For Bears:

Entry: Only consider shorting if the price falls back below 24,200, invalidating the breakout.

Target: 24,100-24,050.

Stop Loss: Above 24,300.





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Potential Scenarios:

1. Bullish Continuation: If the breakout sustains, expect a rally toward 24,400-24,500.


2. False Breakout: If the price fails to hold 24,250, a decline toward 24,100 may occur.