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📊 NIFTY ANALYSIS | 18 AUGUST
NIFTY is currently trading at a very important support zone with multiple technical indicators coming together:
🔹 50% Fibonacci Retracement: ~24,190
🔹 Daily Pivot: ~24,190
🔹 50-DMA: ~24,190
🔹 Current NIFTY: ~24,198
🔥 THREE MAJOR SUPPORTS AT ONE LEVEL!
This strong confluence suggests that the current phase of correction/fall may be nearing exhaustion.
👉 If NIFTY sustains above this support zone, we could see a relief bounce / reversal from here.
⚠️ However, a decisive breakdown below this zone can trigger further downside.
Key Level to Watch: 24,190
📈 Above support → Bounce possible
📉 Below support → Further correction possible
Trade with proper risk management. Levels are for educational purposes only.
BSE - I normallly donot buy stocks at support - but BSE is at its 200DMA, At major quasrterly support also will be added to Nifty 50 soon. hence taking a chance!!
EICHER MOTORS - Looking very good but should not come below 8053 - else view will get changed
