Bottomline:
Nifty50, in its different time cycle is giving conflicting signals.
In Monthly chart, it is bullish & it has to close below 17774.25 to confirm weakness.
The positional traders with extremely long-term view can go long if it manages to close above 18007 with an initial stop loss of 17760 for the target of new high above 18888.
The weekly chart, after giving a sell signal at the week ended on 16 December 2022 is still in a sell mode. It will accelerate the decline once it breaks the low of 17761.65 formed last week to 17160-17180 region.
The Daily chart is exhibiting bullishness and one can go for positional long above 18007 with the stop loss of 17886 for the target of 18141.40 and 18265.
In Intraday 15Minutes chart, expect it to correct near 17887 level where a long position can be initiated with a Stop loss of 17840 for the target of 17973, 18005 and 18080.

Crucial Levels: 17934, 17886
Critical Level for Long Position: 17760
Resistance: 18007, 18086
Support: 17774, 17760

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Disclaimer:
This is intended to provide general and preliminary information to investors/ traders and shall not be construed as the basis of any information decision or strategy. This content is intended to be used and must be used for informational purpose only. It is important to do your own analysis before making any investment based on your own personal circumstances.
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