Nifty analysis for 09/01/2025.

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Nifty is trading around the major support zone and today it has formed a hanging man candle near the support.

On the daily charts, there is a dual support i.e. 200 EMA and a support zone.

A Head and shoulder Pattern is also being formed in charts. If the pattern is confirmed a good bearish move can be seen in the Indian market.

Bullish trades can only be initiated only when there is a confirmation pattern near the support

Major support zone :- 23146-23500
Resistance levels :- 23675, 24000

Wait for the price action near the levels before entering the market.

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