Reigning The Nifty 1st February 2025

Monthly Chart 

Nifty has been moving in a perfectly made channel with support at 22780 for the month.

If the price breaks below the bottom of the channel, the dip indicates that more selling could be on the way.

The oscillators, RSI14 and MACD have been moving down from the overbought zone indicating more cooling off necessary in the medium term for a strong fresh move to start.

 Weekly Chart 

Weekly candle is a bullish engulfing one indicating the bounce may continue. Resistance from the falling wedge is at 23900 which needs to be scaled for the move to continue within the Rising channel which started from 27th March 2022.

Support is at 22750.

 

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Happy Trading !! 

Lakshmi Ramachandran