Technical Analysis & Tradingplan NIFTY50 for next day..
📉Technical Analysis:📉
Falling Wedge Pattern:The chart is showing a falling wedge pattern, which is a bullish reversal pattern.The breakout has occurred, confirming a potential upward move.Volume Spike:After the breakout, we see a significant increase in volume, indicating strong buying pressure.
Immediate Support and Resistance:The immediate resistance is at 24,900.The nearest support is at 24,600.
Trading Plan:
Entry: Enter on a pullback to 24,800 after the breakout.
Target: First target at 24,900, and the next target can be set at 25,097.Stop Loss: Keep a stop loss just below 24,700 to minimize risk.
Risk Management: Ensure at least a 1:2 risk-reward ratio by adjusting the target and stop loss accordingly.
Falling Wedge Pattern:The chart is showing a falling wedge pattern, which is a bullish reversal pattern.The breakout has occurred, confirming a potential upward move.Volume Spike:After the breakout, we see a significant increase in volume, indicating strong buying pressure.
Immediate Support and Resistance:The immediate resistance is at 24,900.The nearest support is at 24,600.
Trading Plan:
Entry: Enter on a pullback to 24,800 after the breakout.
Target: First target at 24,900, and the next target can be set at 25,097.Stop Loss: Keep a stop loss just below 24,700 to minimize risk.
Risk Management: Ensure at least a 1:2 risk-reward ratio by adjusting the target and stop loss accordingly.
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