Nifty 08 May 2025 : if breaks 24200, then a rapid fall. Expect weakness on expiry day.
Hello everyone,
India's attack on Pakistan caused little reaction from the market. We have too many technological aspects operating simultaneously, so leave this alone.
One example is the doji-formed ascending triangle pattern. One of our break-down points is at 24200. I have already quoted this as well.
Another significant step is that the Nifty's main driver has begun to be fixed. I am referring to Reliance, yes.
Today might be a crazy expiry, with a test of 24200 possible. We can designate 24589 as the top if this breaches 24200 and stays below for a reasonable amount of time.
If it stays below 24200, don't trade for too long. At 24050, we have 200 dma support; at 23800, we have straight.
Technical Indicators
Relative Strength Index (RSI): 66.80
This value suggests that the index is approaching overbought territory, indicating potential for a short-term pullback or consolidation.
Moving Average Convergence Divergence (MACD): 375.40
The MACD line is above the signal line (308.66), indicating bullish momentum.
Stochastic Oscillator: 99.43
This high value indicates overbought conditions, suggesting caution for new long positions.
Williams %R: -0.65
Also in overbought territory, reinforcing the possibility of a near-term correction.
Average Directional Index (ADX): 29.02
Indicates a strong trend, supporting the current bullish momentum.
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Moving Averages
The Nifty 50 is trading above its key moving averages, confirming an overall bullish trend:
10-day EMA: 24,165.21
20-day EMA: 23,847.63
50-day EMA: 23,481.00
200-day EMA: 23,458.26
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Support and Resistance Levels
Immediate Support: 24,250
Next Support: 24,180
Immediate Resistance: 24,550
Next Resistance: 24,640
These levels are crucial for traders to monitor, as breaches could signal potential trend reversals or continuations.
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