NIFTY 13 MAY 2025 - If Nifty goes below 24550 then it can settle around 24350. Looks like all good news factored out now.

Hello everyone, 

Once Nifty slips below 24550, it will have a weakness and it can go to hit around 24350 levels. Note the following important points. 

• Index Level: The Nifty 50 is trading at 24,595.60, down 329.10 points or 1.32%. 
• Recent Movement: This downturn follows a significant rally on May 12, where the index surged over 3.5%, marking its strongest single-day performance in four years. 

Technical Indicators

• Candlestick Patterns: A "Three Black Crows" pattern has been identified on the 15-minute chart, indicating a potential reversal from the recent uptrend. 
• Support Levels: The index has breached the 24,600 support level. If it continues to decline, the next significant support is around 24,350.
• Resistance Levels: On the upside, the immediate resistance is near 24,900, which was the recent high achieved during the previous rally.
• Momentum Indicators: The Stochastic RSI is in the bearish zone, suggesting that the index may continue to face downward pressure in the short term. 

Market Outlook

The current chart patterns and technical indicators suggest a cautious approach for traders and investors. The breach of key support levels and bearish candlestick formations point towards potential further declines. However, if the index manages to hold above the next support at 24,350, it may find some stability.