Nifty 09 May 2025 : Big gap down expected. 23800 may be tested but 23400 will not be broken easily.
As of May 8, 2025, here's the latest technical analysis of the Nifty 50 index, incorporating current market data and key indicators:
- Firstly, a gap down and a big gap down is expected as GIFTNIFTY is running at 23850 levels due to India Pakistan tension.
- 23200 has already broken with bearish engulfing pattern as of last trades.
- Major support is at 23800 as of support basis.
- Next major support is 23400 which I think will not be easily broken as it is GOLDEN CROSS . 50 EMA goes above 200 EMA, this never failed easily in past. So, its only good news for bulls.
I am short which I have forwarded. I will not hold this short much if I get levels 23400 levels.
I will not go to catch falling knife. Based on chart, I can say, current situation will be normalize in 1-2 weeks.
India will do it massive tonight. Tomorrow morning world will come to stop. Then, mass8ve recovery may start.
Nifty 50 Overview
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Closing Price: 24,273.80 (down 140.60 points or -0.58%)
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Recent Trend: Despite a recent dip, the Nifty 50 has shown signs of renewed strength, with a golden cross formation indicating potential bullish momentum.
Technical Indicators
Moving Averages:
- 50-day EMA: Recently crossed above the 200-day EMA, forming a golden cross, a bullish signal suggesting potential for further upside.
- Relative Strength Index (RSI): Moderated from overbought conditions, indicating a more balanced market.
- MACD: Positive, supporting the bullish outlook.
Support and Resistance Levels
- Immediate Resistance: 25,000 – A significant psychological and technical level.
- Next Resistance: 26,300 – Previous swing high.
- Immediate Support: 24,000 – Recent support level.
- Next Support: 23,400 – Aligns with key moving averages, providing additional support.
Market Sentiment and Outlook
The formation of a golden cross and positive technical indicators suggest a bullish outlook for the Nifty 50. However, geopolitical tensions and global market cues may introduce volatility. Traders should monitor these factors closely and consider them in their trading strategies.
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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