Nifty 50 : Analysis for 29 May 2025 : Cautious Outlook with Bearish Bias | Key Support and Resistance Levels to Watch
Nifty 50 analysis for tomorrow with cautious, bearish outlook. Key support & resistance levels, intraday trends & trading strategy insights.
Based on the latest technical and market data, here’s an updated multi-timeframe analysis of the Nifty 50 index for Thursday, May 29, 2025:
In tomorrow’s session, the Nifty 50 is expected to trade with a cautious and bearish bias, as technical indicators and market sentiment hint at further downside pressure. Despite intermittent pullbacks, the index has struggled to sustain higher levels, facing consistent resistance near key psychological zones. Weak global cues, coupled with profit booking in heavyweight stocks, could amplify volatility in the Indian stock market. Traders should closely watch the immediate Nifty support and resistance levels for intraday opportunities. As per the current market structure and Elliott Wave analysis, a corrective phase seems likely to extend before any meaningful recovery. Stay alert, manage positions prudently, and be prepared for sharp intraday moves in a bearish Nifty scenario.
Daily Chart (1D) - Closing Price: 24,752.45
Candle Pattern: The daily candle resembles an inverted high-wave pattern, indicating indecision with a bearish bias.
Trend: The index has been consolidating between 24,400 and 25,200 over the past 11 sessions, suggesting a neutral trend.
Key Levels:
- Support: 24,700–24,650 (immediate), 24,400–24,500 (short-term)
- Resistance: 25,000–25,100 (immediate), 25,200 (upper range)
1-Hour Chart (1H)
Structure: The index is exhibiting a sideways movement with a slight downward bias.
Indicators:
- Moving Averages: The 20-period EMA is acting as dynamic resistance.
- RSI: Hovering around 45, indicating mild bearish momentum.
Key Levels:
- Support: 24,660
- Resistance: 24,900
15-Minute Chart (15M)
Intraday Action: The index experienced a sharp fall within the first 10 minutes, followed by a sudden spike and a gradual drop back to the VWAP.
Market Structure: Imbalanced with high volatility.
- Key Levels:
- Support: 24,704
- Resistance: 25,063
Critical Levels for May 29, 2025
- Immediate Support: 24,700–24,650
- Short-Term Support: 24,400–24,500
- Immediate Resistance: 25,000–25,100
- Upper Resistance: 25,200
Trading Strategy
- Bullish Scenario: If the index sustains above 25,063, it could indicate a potential breakout, targeting 25,200.
- Bearish Scenario: A break below 24,700 may lead to a retest of the 24,400–24,500 support zone.
- Neutral Scenario: Consolidation between 24,700 and 25,000 is likely, given the current market structure.
To sum up, the Nifty 50 outlook for tomorrow leans towards a bearish and volatile trading session, with the potential for sharp intraday swings amid weak global sentiments and domestic profit booking. Market participants are advised to remain highly selective, avoid aggressive long positions, and focus on key Nifty support and resistance levels for short-term trades. Unless the index decisively crosses major resistance zones, the risk of further downside remains intact. Stay tuned for real-time updates, and follow a disciplined, risk-managed approach in this unpredictable Indian stock market environment.
Note: Market conditions can change rapidly. It's essential to monitor real-time data and adjust strategies accordingly.
This detailed analysis by Praveen Kumar delves into the current Elliott Wave structure of the Nifty 50 index, highlighting key Fibonacci extension targets for Wave 5. It also discusses critical support levels and offers insights into RSI momentum, providing a comprehensive outlook on potential market movements.
Feel free to explore the article for an in-depth understanding of the projected trajectories and technical indicators influencing the Nifty 50.
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