Nifty - Detailed analysis for week ending 27th Dec'24

 Here is a detailed analysis based on the provided Nifty 50 daily chart:

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1. Elliott Wave Analysis

• The chart seems to be in a corrective phase after a previous upward impulsive move.
• Based on the current structure:
  • It might be in a Wave C of an ABC correction.
  • Expect further downside before resuming an upward trend.
  • Wave C often extends near 1.618 of Wave A (Fibonacci extension).

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2. Fibonacci Retracement Levels

• Using the peak and the recent low:
  • Resistance levels: 23.6% (around 24065) and 38.2% (around 24500).
  • Support levels: Current price of 23587 aligns with 61.8% retracement, a crucial level. A breakdown might take it towards 78.6% (approximately 23150).

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3. W.D. Gann Analysis

• The breakdown from a recent resistance near 24800 indicates a bearish bias.
• Major support aligns near 23500 (psychological level and past consolidation).
• For Gann angles:
  • The current move might test lower levels unless the price breaks back above the 24000 range.

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4. Key Support and Resistance

• Immediate support: 23500 (critical to hold to avoid further downside).
• Next support: 23000 (previous demand zone and Fibonacci 78.6%).
• Immediate resistance: 24065 and 24500 (retracement and swing levels).
• Major resistance: 24800.

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5. Entry, Target, and Stop Loss

• Entry (Short trade): Below 23500 (if breakdown occurs).
  • Target 1: 23150
  • Target 2: 23000
  • Stop Loss: Above 23700
• Entry (Long trade): Above 24000 (if price sustains above).
  • Target 1: 24300
  • Target 2: 24500
  • Stop Loss: Below 23800.

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6. Expected Move

• Bearish Bias: Likely to test 23500 or lower next week.
• Bullish Recovery Trigger: A daily close above 24000.

7. Point of Control

Nifty Spot sustaining above 23,778 is a clear bullish sign for target of 24,000.   One should not remain long below this level and short above this level for week ending 27th Dec'24

Summary:

• Focus on price action near 23500. A breakdown may invite further selling, while holding this support could result in a pullback.
• Use risk management with tight stop-loss levels and confirm entry based on daily candle closes.