Nifty 50 – Immediate Trend Analysis (Hourly Chart)

Nifty 50 – Immediate Trend Analysis (Hourly Chart)

On the hourly chart, Nifty 50 is exhibiting a clear downtrend, forming a pattern of lower highs and lower lows—signaling weakness in the immediate term.

The index has now approached a crucial support zone, which held strong multiple times during May and June, leading to a notable upside reversal in the past. This makes the current level a key inflection point.

If this support level holds, a short-term bounce is likely.

However, a break below this zone could accelerate the decline, potentially taking the index quickly towards the 24,000 level.

Key Takeaway:
Monitor this support zone closely for confirmation of a bounce or a breakdown to position accordingly.


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