NIFTY next 50, in a congestion zone

Nifty Next 50, like the Nifty 50, was in a secular uptrend and was confirming the new highs made by Nifty till about the end of 2017 and peaked out on 15th Jan 2018 with 32024 levels on the weekly charts.

The struggle continued all through the year with the bulls failing to claim supremacy. The Nifty Next 50 also since has not been able to make higher highs like the benchmark index Nifty 50 had been claiming during the corresponding timeline

Since 1st OCT 2019, NEXT 50 has entered a rectangle pattern and seems to have created a strong support at 24999 levels with 3 occasions to close below this level by the bears but the bulls gaining back control. Similarly, bulls trying to push higher out of the channel 28,706 levels being challenged, price currently being tested.

Interesting to see smaller time frames how price moves and you expect break out in one side or the other

Watch out for this space for more.

CHEERS

Komentarz:

28843 levels has now become a support zone from the earlier resistance zone, if this is broken over the next few weeks consistently, price may move back in the lower rectangle zone