Nifty managed to close above the 24,350 levels in the previous trading session, which was an immediate hurdle. This level is now broken, keeping the short-term trend on the upside. The prices formed a low near 23,263 levels in November 2024 and rallied sharply higher despite the Adani scandal event and weak GDP numbers. This indicates relative strength.
On the hourly chart, Nifty is witnessing the formation of an Inverted Head & Shoulders (H&S) pattern breakout. The immediate target as per the pattern can be the Gann level of 24,728 on the upside, unless we see a close below the prior candle low. Aggressive targets on the upside, according to the H&S pattern, are at the 25,500 level. Positive momentum can continue till 24,728 or higher as long as prices protect 24,250 on a closing basis.
On the hourly chart, Nifty is witnessing the formation of an Inverted Head & Shoulders (H&S) pattern breakout. The immediate target as per the pattern can be the Gann level of 24,728 on the upside, unless we see a close below the prior candle low. Aggressive targets on the upside, according to the H&S pattern, are at the 25,500 level. Positive momentum can continue till 24,728 or higher as long as prices protect 24,250 on a closing basis.