Nifty's Bullish Momentum: Technical Analysis Points to Further Upside 

Breaking Key Levels

Nifty has reversed from the levels of 24,580. We've been discussing this level for some time now. As soon as Nifty broke above the 24,728 Gann levels, we turned extremely bullish.

I mentioned how prices could rally by 800 points after breaking that 24,728 Gann square of nine level. Nifty has already crossed 25,050, with a rally of more than 300 points.

Nifty daily chart – 55 Days Time cycle with FLD

Nifty hourly chart with AK indicator

Defying Pessimism

This upward move has come within the first time cycle zone of 55 days, despite the pessimism we've been seeing across the market. Foreign Institutional Investors (FIIs) have been major sellers, but Nifty has managed to protect the lows of 24,400 and reverse higher.

Technical Indicators Align

Prices are now crossing the FLD line on the daily chart, giving an upside target of 25,630. There's potential for another 500-point rally from here. Many might miss this move due to a lack of fundamental reasoning, but from a technical perspective, all indicators have aligned:

• FLD intersection
• AK custom indicator
• NeoWave counts

These are all synchronized after a long time, maintaining an overall bullish undertone.

NeoWave Analysis

On the hourly chart, we can see that prices have completed wave d as per NeoWave on the downside, and we've started rallying on the upside in the form of wave e. The target of equality of wave e with respect to wave c aligns with the FLD target zone.

Key Levels to Watch

• Upside targets:
1. 25,361 (Gann level)
2. 25,630 (FLD target)
• Major support: 24,728

Any breach below 24,728 will invalidate the wave count.

Market Strategy

The overall market undertone remains positive. Use dips as buying opportunities and aim for the mentioned upside targets.

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