## NIFTY 50 – 2-Hour Chart AnalysisNifty 50 IndexNSE:NIFTYshiva560060## NIFTY 50 – 2-Hour Chart Analysis 1. Nifty is trading around a **major horizontal support zone at 23,800**, a level that has acted as both support and resistance multiple times, making it a critical decision point. 2. The repeated red circles on the chart highlight **multiple historical price reactions** around **23,800**, confirming this level as a strong demand-supply zone. 3. The recent sharp correction from **24,500** has brought the index back to this key support, where buyers are attempting to defend the trend. 4. As long as **23,800** holds on a closing basis, Nifty could witness a technical pullback towards **24,150–24,200**, where fresh selling pressure may emerge. 5. However, if Nifty closes decisively below **23,800**, it would confirm a breakdown of this major support and significantly weaken the short-term bullish structure. 6. The next important downside support after a confirmed breakdown lies near **23,100**, which has historically acted as a strong accumulation zone. 7. A sustained move below **23,100** could trigger another round of selling, while a strong bounce from this level may initiate the next medium-term recovery. 8. For the bullish scenario to regain strength, Nifty must reclaim and sustain above **24,180–24,200**, indicating renewed buying momentum. 9. Traders should closely monitor price action around **23,800**, as this level is likely to determine whether the market stages a relief rally or enters a deeper corrective phase. 10. **Overall Outlook: Neutral to Moderately Bearish (7/10)** with the expected path: **23,820 → 24,180 (Pullback) → 23,800 Breakdown → 23,100 Support**, while **24,200** remains the key resistance for a bullish reversal. --- ### Disclaimer > **Disclaimer:** This analysis is based on technical indicators, price action, support and resistance zones, chart patterns, and the current market structure. It is intended **solely for educational and informational purposes** and **should not be considered financial or investment advice**. Financial markets are inherently volatile, and no technical analysis can guarantee future price movements. Please conduct your own research and consult a qualified financial advisor before making any investment or trading decisions.