Despite concerns of selling pressure last week, NIFTY50 managed to hold the crucial support
level at 18600, defying expectations. Instead, it resumed its upward trend, reaching a new all-
time high. The current chart setup of NIFTY50 remains bullish, with X% breadth still in the neutral
zone. This indicates that a breakout trade may present a favorable opportunity.
Furthermore, a bullish broadening price pattern has emerged, not only in NIFTY50 but also in the
majority of stocks. This similarity in patterns suggests that any follow-through in the market will
present an opportunity for fresh entries. It is important to monitor the trend continuation in
NIFTY50 in the coming days.
For short-term traders, identifying key support and resistance levels is crucial. The short-term
support range for NIFTY50 is expected to be between 18600-18700, while the short-term
resistance is anticipated around 19700-19800.