What are the chances of nifity 50 to break todays support line

The Nifty 50 index is currently trading below its support level, which is around 1200. However, the index has been gaining ground and recently closed at 24,457.15, up 0.75% on Tuesday.

Given this recent positive momentum, it is possible that the Nifty 50 could break out of its current trading range and test the resistance level above. According to technical analysis, the index has formed a reasonable bull candle on the daily chart, which suggests that it is positioned to break above the crucial hurdle of around 24,350-4,500 levels.

Moreover, the index has been extending its rally for the third consecutive session, indicating a potential shift in its trend. If it can sustain the momentum, the recent swing low of 23,873 (28th November) could act as a new higher bottom, and the bullish chart pattern could unfold, resulting in more upsides for the market ahead.

In conclusion, while the Nifty 50 is currently trading below its support level, the recent positive momentum and the formation of a bull candle suggest that it could break out of its current range. However, it's important to note that this is just a possibility, and the actual outcome will depend on a variety of factors, including market sentiment, economic indicators, and global events.