Nifty Intraday Analysis — 22 May 2025, Bounce of fall from 24500? A set Up for technical trader with RSI
Time: 13:16 IST | Timeframe: 15-Minute | Index Level: 24,547.50 (-1.07%)
Key Observations:
- Supertrend Indicator: Currently showing a strong downtrend with red cloud overhead. No reversal signal yet.
- RSI Indicator: Hovering around 30, suggesting oversold conditions. A mild bullish divergence is visible — price made a new low, but RSI formed a higher low.
- Price Action: Last few candles are small-bodied near the day’s low, indicating possible selling exhaustion.
Possibility of a Bounce:
There’s a fair chance of an intraday bounce if RSI sustains above 30 and crosses over 35-40, accompanied by a green candle closing above 24,580-24,600. If the Supertrend level breaks on the upside around 24,620-24,650, bounce confirmation strengthens.
Caution: If 24,500 breaks decisively again with high volume, another 50-80 points downside remains open. This is very important for traders i.e a point to short.
Intraday Bounce Targets (if triggered):
- 24,600
- 24,650
- 24,700 (strong resistance)
Stoploss: 24,500 spot
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