NIFTY 50 INDEX DAILY CHART ANALYSIS

30 дек. 2024 г.

📊 NIFTY DAILY CHART ANALYSIS 📊


👉 1. Chart Overview 📝
• 📌 : NIFTY 50 (1D Timeframe)
• 📊 Trend Overview: Downtrend after failing to sustain higher levels.
• ⚠️ Market Sentiment: Bearish with minor consolidation near critical support.

👉 2. Key Chart Features & Pattern Observation 📈
• 🔺 Resistance Zone: Clear resistance observed around 24,857 (marked in pink).
• 🔻 Support Zone: Strong support near 23,263 (marked in blue).
• 📉 Recent Price Action: A sharp drop from resistance followed by sideways movement.
• ⚠️ Bearish Divergence: Clear bearish divergence observed in the MACD indicator,
indicating weakness in upward momentum.

👉 3. Indicator Analysis 📊
📉 MACD (Moving Average Convergence Divergence):
• The histogram shows a negative bias.
• MACD line (red) is below the signal line (black), suggesting bearish momentum.
• Bearish divergence signals further downside risk.
📊 RSI (Relative Strength Index):
• RSI is currently around 33.60, indicating an oversold zone.
• No signs of reversal yet, as the RSI continues to trend downward.
📊 Volume:
• Bearish candles are accompanied by higher volume.
• Recent sideways movement shows reduced trading activity, indicating indecision.

👉 4. Key Price Levels 📍
• 🔺 Resistance Levels:
o 24,857 (Immediate Resistance)
o 26,277 (Long-Term Resistance)
• 🔻 Support Levels:
o 23,644 (Immediate Support)
o 23,263 (Strong Support Zone)

👉 5. Overall Summary 📌
• 📊 Trend: Bearish with weakening momentum.
• ⚠️ Market Sentiment: Sellers remain dominant as buyers fail to show strength.
• 📉 Bearish Divergence: Signals caution for long positions.
• 🛡️ Key Support: 23,263 remains critical for a bounce-back.

👉 6. Trading Strategy 💼
📉 Bearish Strategy:
• Enter short positions if NIFTY closes below 23,644 with strong volume.
• 🛡️ Stop Loss: 24,000
• 🎯 Target: 23,263
📈 Bullish Reversal:
• Look for long opportunities only if NIFTY closes above 24,000 with significant volume.
• 🛡️ Stop Loss: Below 23,644
• 🎯 Target: 24,857

👉 7. Conclusion ✅
• NIFTY remains under bearish pressure with key support at 23,263.
• Indicators suggest weak buying interest and potential further downside.
• Traders should wait for clear signals near support and resistance zones before taking
positions.

📚 "Trade with discipline, respect key levels, and let the trend guide your moves!" 🚀