Nifty has been moving in a nice uptrend and closed with a hanging man candlestick pattern in yesterday’s session. Stochastic is producing overbought reading which is marked by green line and preventing fresh bulls to jump in aggressively. Today areas of 7700-7705 will remain important to watch and any closing above that level would extend current bullish move towards 8000 whereas closing below 7700 will be responsible for a short term correction and we may see a retest to 7400-7300 zones in coming days. Currently trading at 7640.
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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