For 15 May 2025 - Nifty 50 — Daily Chart Technical & Pattern Analysis. Check the chart before it closes.
Nifty 50 — Daily Chart Technical & Pattern Analysis
Current Market: 24,643.65
Key High: 24,971.25
Fib Levels:
- 23.6% — 24,744
- 0% (recent high) — 24,971
Technical Indicators
RSI:
Currently hovering near 65–68 zone
Topped out around 70 recently and showing signs of flattening
This hints at a potential mild pullback / consolidation unless momentum renew
MACD:
Bullish crossover intact, but histogram shrinking — first sign of bullish momentum exhaustion
May signal a pause or minor dip before any further rally attempt
Price Action / Candle Pattern
Today’s candle:
Small-bodied, slightly higher close than open — suggesting indecision
A potential spinning top / mild doji-like structure after a strong up move
Pattern Context:
After a vertical rally from 22,000+ to 24,971, price is hovering near resistance
Possible Double Top formation developing near 24,971 if tomorrow sees a red candle
Levels to Watch Tomorrow
| Support | Resistance |
|---|---|
| 24,535–24,500 (day support) | 24,744–24,800 (resistance zone) |
| 24,360 (secondary support) | 24,970–25,000 (major resistance) |
Expected Move Scenarios
If opens flat to mildly positive:
- Test of 24,744–24,800 possible — if rejected here, expect profit booking down to 24,500–24,450
- RSI topping out makes this likely
If opens negative:
- 24,535 immediate watch — break of this can drag to 24,360
If breaks and sustains above 24,800:
- Will negate pullback setup and trigger momentum toward 24,900–24,970
Trade Ideas for Tomorrow
Bearish Covered Call:
Perfect timing — sell 24,800/24,900 CE or a call spread
(VIX still slightly elevated — juicy premiums)
Intraday Put Option:
If breaks 24,535 decisively in morning trade — scalp with 24,500 or 24,400 PE
Wait for Higher Breakout:
If above 24,800 with volume — cover shorts and switch to CE or long futures
Conclusion:
Bias: Mildly Bearish to Neutral unless 24,800 breaks
Pattern: Possible Double Top brewing near 24,971
Key Play: Covered call / Intraday PE on breakdown / Avoid fresh longs till 24,800 is cleared
Nifty 50 Option Chain Analysis (Expiry: 15 May 2025)
Call Options (CE):
-
24,800 CE:
Premium: ₹35
Open Interest (OI): High concentration
Interpretation: Significant resistance; traders expect Nifty to face hurdles around this level.
- 24,900 CE:
Premium: ₹20
OI: Substantial
Interpretation: Additional resistance; market participants are cautious about Nifty surpassing this point.
Put Options (PE):
-
24,400 PE:
Premium: ₹45
OI: Elevated
Interpretation: Strong support; traders anticipate Nifty to find buying interest near this level.
- 24,300 PE:
Premium: ₹30
OI: Considerable
Interpretation: Additional support; market expects Nifty to hold above this threshold.
Market Sentiment Insights:
- The Put-Call Ratio (PCR) stands at 0.85, indicating a slightly bearish sentiment among traders.
- The concentration of OI at 24,800 CE and 24,400 PE suggests a trading range between 24,400 and 24,800 for the near term.
Strategic Implications:
Given the current OI distribution:
- Resistance Zone: 24,800 – 24,900
- Support Zone: 24,300 – 24,400
Traders might consider:
- Bear Call Spread: Sell 24,800 CE and buy 24,900 CE to capitalize on the resistance zone.
- Bull Put Spread: Sell 24,400 PE and buy 24,300 PE to leverage the support area.
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