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.
I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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