Last week, we mentioned that the NIFTY setup was bullish, and we were looking for a price above
18,550 as the first indication of a trend continuation. We are pleased to inform you that this
scenario played out as expected, with the NIFTY50 moving more than 200 points in the direction
of the uptrend.
Now, let's discuss the current chart setup on the point and figure chart. It is currently showing a
neutral pattern. However, a close above 18,625 would trigger a bullish 123 pullback on the point
and figure chart for the NIFTY 50. On the other hand, a price close below 18,388 would be the initial
sign of a potential trend reversal.
For short-term levels, we have identified key support and resistance areas. The support range is
located near 18,100-18,200, which could act as a floor for the NIFTY 50's price. Conversely, the
resistance can be found around 18,800-18,900, where we may see some selling pressure.