Nifty spot has been moving in a rising channel and now trading at 8715 near upper edge of this channel. 8713.48 is 113% Fibonacci extension of bearish attempt from 8626.95 to 7961.35. Point ‘b’ was 70% correction of move ‘xa’ and recent breakout above 8627 zones has triggered possibilities for a harmonic pattern which is widely known as bearish crab pattern and this pattern completes near 9038-9060 zones. If today nifty fails to produce closing above psychological resistance of 8700 then we may see some consolidation that may be negatively biased and take nifty towards 8620-8450 zones. All in all market trend remains bullish until we get 2 consecutive negative closes on daily basis. Nifty has the potential to hit 8800-8910-9030 zones during this bullish whereas 2 consecutive negative closes may invalidate our bullish expectations.
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...
Comments