Possible inverted "Cup with Handle" pattern in Nifty 50

31 Ara 2024

Possible further downside in Nifty 50

1. The chart seems to display an inverted cup and handle pattern, a bearish formation that often signals a potential downside.
   
   
2. The MACD line is crossing below the signal line and approaching the zero line from the positive territory, signaling weakening bullish momentum.
   
   
3. The index is currently testing the lower boundary of a rising channel. A breakdown below this trendline could exacerbate the bearish trend.
   
   
4. If you're trading, consider monitoring the 23,500 level closely. A breakdown below this would likely confirm the bearish pattern and lead to sharp declines.