Nifty spot is getting good support near 6130-6100 zones and has witnessed a nice jump from those levels. A potential rounded top is clearly visible on daily chart of Nifty that hints the weakening momentum but weakness is not yet confirmed by price action and technical indicator MACD. As we can see in chart provided above MACD has given bearish cross below signal line but holding above zero line that favours 6100 as very crucial support. Any failure below 61000 would confirm weakness in this index and then primary target for bearish swing would be support placed in November 2013 that was around 5965. In general stability above 6100 remains supportive for Nifty bulls and sustained move above 6355 would bring more charm. Recently Index has broken out above the neck line of inverse head and shoulder pattern that suggests a target for 6700 for current swing. Overall this rally is open for a retest to 6700 zones. Any failure with closing below 6100 would neglect this bullish outlook and then we will see a short term correction that would bring 5965 and 5700 on cards. Currently trading at 6241.
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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