Hourly Nifty 50 Analysis (as of 14-May-2025)

Key Observations:

• Recent Move:
• Sharp rally off the 23,943.95 low to 24,971.25.
• Now, price is hovering around 24,711, consolidating.

• Fibonacci Levels:

  Price bounced from the 0.382 retracement level (24,578.80) recently.

• Next levels of interest:

  Support: 24,578.80
• Major support: 24,336.40 (0.618 retracement)
• Supertrend:
• Currently in buy mode, but candles are starting to consolidate below the recent high — not a breakdown yet, but showing a bit of hesitation.

• RSI Indicator:

  RSI peaked at overbought levels (>70) after the rally.
• Now it's trending sideways to slightly lower, and hovering around 60.
• The RSI’s failure to sustain higher along with price making lower highs after a sharp rise is a mild early sign of tiredness.
• Price Action:
• Formation of small-bodied candles with wicks on top after the rally, hinting at selling pressure near highs.
• That yellow horizontal line around 24,650–24,670 is acting as intraday support — a break below this would indicate weakness.

Signs of Weakness (Developing):

 RSI cooling off from overbought
 Price making lower highs post rally
Small-bodied candles indicating indecision
Critical support around 24,650 — a breach with volume would confirm short-term weakness

Levels to Watch:

Immediate Support: 24,650

Only if it holds above 24,750–24,800 zone with strength can bulls regain momentum.

Summary:

• Yes — Nifty is showing early signs of tiredness on the hourly chart.
•  No confirmed breakdown yet, but caution advised if 24,650 is broken.
•  RSI divergence or price slipping below support would be your trigger for short opportunities.

Bullish Scenario (Buy on strength)

Entry: Above 24,770
Targets:

• 24,800 (minor)
• 24,880
• 24,950

Stop Loss: 24,710

Reason:
If Nifty crosses 24,750 decisively with volume, it can retest recent highs as RSI would attempt a fresh up-move.

Bearish Scenario (Sell on weakness)

Entry: Below 24,650
Targets:

• 24,578 (Fib 0.382)
• 24,520
• 24,440

Stop Loss: 24,690

Reason:
Breaking 24,650 would confirm weakness, and with RSI already cooling off and price failing to sustain highs, a pullback to Fib levels is likely.

Neutral/No Trade Zone:

Between 24,650 – 24,750
→ Wait for a clear breakout or breakdown.