Nifty 50 chart analysis for 24th Feb 2025 by Falcon Trader
The past two weeks have been excellent for trading. I reconnected with an old friend who suggested I start posting daily blogs about Nifty 50 again. I'll give it a shot for a few days to gauge the response. Hopefully, we can all gain from sharing knowledge.
Weekly Time Frame Analysis for Nifty 50
The weekly chart of Nifty50 indicates that the price is following a 5-wave pattern. The blue waves on the daily time frame suggest that wave 3 is complete, and we are currently in the downward 4th wave. This should form a 3-wave pattern, with further details provided below in the Daily Time Frame.
Daily Time Frame Analysis for Nifty 50
The daily time frame indicates a Wave ABC pattern, with wave A completed and wave B likely finished as well. We are currently in wave C, which should unfold in a 5-wave pattern to complete wave 4 on the Daily Time Frame.
Nifty 50 ,
As on 24th Feb 2025, this breakdown below the current support levels indicate wave 3 formation of this wave c down.
If this scenario plays out then first target is wave 3 completion.
1H Time Frame Analysis for Nifty 50
There is some support level building around 22000 levels where we should see some consolidation. This will be the end of Wave 3 micro (purple).
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Options Play for Nifty 50:-
Observing a significant downward movement
Place Stop Loss slightly above the last swing high on the 1H Time Frame
Initial target - Micro wave 3 near the support zone at around 22000 levels (slightly below)
Avoid holding positions overnight
Expect potential consolidation around the 22000 levels, so refrain from trading in that area.
Post Trading Analysis
Post-trading analysis on Charts-Stocks.com is a pioneering industry feature that provides after-trade comments and shared insights for a wider perspective. Visit this site every day after the trading day to review the analysis outcomes and discover new insights to enhance your daily trading.
Starting | Nifty started with Gap down of 150+ points and continued downward momentum. We were anticipating this and trades were profitable. |
Play Sumamry | During the day we focus was on internal wave counts with added advantage of Kiss Bot and Price Action. |
Ending | There was only one call option, rest were put option, mostly bearish momentum with sell on rise and wave count trades. |
Learning | Exiting previous put option early with gap down could have been avoided with bigger profits, but it is better to book profits in scalp trading rather than holding trades for long. |
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