If I were taking this trade as a professional swing/intraday positional trader, I would first note that this is a 5-minute Nifty Futures chart, which is best for entries. My directional bias would still be confirmed using the 15-minute and 1-hour charts before committing to a swing.
Current Market Structure
The strong uptrend (blue trendline) has been broken decisively.
Price failed to sustain above 24,160–24,180, indicating supply at higher levels.
After the breakdown, price is consolidating near 24,100, which is now an important decision zone.
The immediate bias is slightly bearish to neutral unless buyers reclaim the broken support.
Key Support Zones
Support 1 (Current Demand Zone)
24,080 – 24,100
Immediate support.
Buyers may attempt a bounce here.
Support 2 (Major Swing Support)
23,900 – 23,980
Strong demand area from previous accumulation.
High probability of attracting institutional buying.
Final Support
23,875
Loss of this level would invalidate the current bullish structure.
Key Resistance Zones
Resistance 1
24,160 – 24,180
This was previous support and is now likely to act as resistance.
Resistance 2
24,240 – 24,260
Previous swing high and strong supply zone.
Trade Plan
Bullish Setup (Preferred only after confirmation)
Entry
Wait for price to reclaim
24,160–24,180
with a strong bullish candle and good volume.
Stop Loss
Below
24,080
Targets
Target 1: 24,240
Target 2: 24,300
Target 3: 24,380 (if momentum continues)
Bearish Setup (Higher Probability Currently)
If price rallies into
24,160–24,180
and gets rejected,
Sell Entry
24,150–24,170
Stop Loss
Above
24,220
Targets
Target 1: 24,080
Target 2: 24,000
Target 3: 23,920
This setup offers a favorable risk-to-reward because you're selling into a likely resistance after a trendline breakdown.
Breakdown Trade
If price closes below
24,080
on a strong candle with increased volume:
Sell
Around 24,070
Stop Loss
24,120
Targets
24,000
23,950
23,900
Swing Trading View
Bullish Swing
Only consider longs if Nifty closes above 24,180–24,200 and holds that level. That would indicate buyers have regained control.
Bearish Swing
As long as price remains below 24,180, rallies are more likely to face selling pressure. A move below 24,080 would increase the probability of a test toward 24,000 and 23,900.
Risk Management
Risk no more than 1% of your trading capital on a single trade.
Take partial profits (30–50%) at the first target.
Move your stop-loss to breakeven after the first target is achieved.
Avoid initiating trades in the middle of the 24,100–24,160 range; wait for price to either reject resistance or confirm a breakout.
Overall Bias
Based solely on this chart:
Bearish probability: ~60%
Bullish probability: ~40%
The break of the rising trendline and the failure to hold above the 24,160 zone give sellers a slight edge. I would be more interested in shorting a rejection at 24,160–24,180 or selling a confirmed breakdown below 24,080 than buying at the current price. A sustained move back above 24,180 would invalidate the bearish bias and shift the outlook in favor of the bulls.
