NIFTY Weekly Chart – Double Bottom Breakout Analysis

📌 NIFTY Weekly Chart – Double Bottom Breakout Analysis

After a long corrective phase, NIFTY is forming a classic Double Bottom pattern on the weekly timeframe. This is typically a bullish reversal signal.

✅ Pattern: Double Bottom on Weekly Chart
✅ Bottom Levels: ~21,800
✅ Neckline Resistance: ~26,200

📈 Breakout Strategy:
Watch for a weekly close above 26,200 with higher volume to confirm breakout strength.

✅ Measured Move Target: ~30,600

Calculation: Neckline + (Neckline – Bottom) ≈ 26,200 + (4,400)

✅ Stop-loss Options:

ATR-based stop: ~25,530

Chart-based conservative stop: ~24,500

🔎 Bias: Bullish above 26,200 with confirmed weekly close and volume expansion.
📌 Volume Note: Look for rising volume near the neckline to validate the breakout.

This setup aligns with strong macro drivers such as India’s economic resilience and sector rotation into large caps.