Sign of harmonic structure has appeared on 240 minute chart
of NATURAL GAS MCX which completes at 157. There are 2 hurdles at 135 and 142
consolidation above 142 would signal 157 to complete this structure. Recently it
has broken a trading range 118-129 and nice follow up buying suggesting smart
money is coming back in this counter. We have entered in this counter at 129
for expected targets around 141 and 157 in short term with stop loss of 124.
Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

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