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Double Top Pattern Formation with Gap Below | 15-Min Chart

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๐Ÿฆ NIFTY 50 INDEX โ€“ Double Top Pattern Formation with Gap Below | 15-Min Chart
๐Ÿ“… Date: April 28, 2025
๐Ÿ“ˆ Timeframe: 15-Minute
๐Ÿ” Index: Nifty 50 (NSE)

๐Ÿ“Œ Technical Overview:
Nifty 50 has formed a Double Top pattern on the 15-minute chart around the 24,365 zone, a classic bearish reversal structure.
The price faced rejection at the previous high, signaling caution. Immediate support lies at 23,847, and a breakdown below this level could open downside momentum toward the gap area visible on the chart.

๐Ÿงฉ Chart Pattern:

Double Top identified at 24,365 levels (marked in red).
Neckline support positioned at 23,847 (green line).
A black trendline breakdown already visible, strengthening bearish bias.
Below 23,847, focus shifts to the gap fill zone between 23,207 and 22,923 (orange highlighted).

๐Ÿ” Key Price Levels:

Resistance: 24,365
Immediate Support: 23,847
Gap Zone Support: 23,207โ€“22,923
CMP: 24,312.90
A clear breakdown below 23,847 could accelerate the fall toward the gap area.

๐Ÿ“Š Volume Analysis:
Increasing selling volume observed near the second top.
The breakout attempt was met with significant volume resistance, hinting at supply dominance.

๐Ÿง  Observational Bias:
As long as Nifty stays below 24,365 and breaches 23,847 decisively, bears may remain in control. Traders should watch for either a gap fill attempt or a possible bounce if price retests 23,847 from below.
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