Analysis of the Nifty 50 Chart (Daily Timeframe)
Market Context
The Nifty 50 index is trading near 23,813, indicating a recent downtrend after forming lower highs.
The price is below the 50-day SMA (red), showing short-term bearish sentiment, but is near the 200-day SMA (green), acting as a critical support zone.
RSI is at 44.80, reflecting neutral to slightly bearish momentum without being oversold.
Key Observations and Trade Setups
1. Rebound Setup – From the 200-day SMA
Scenario: Price may rebound from the 200-day SMA, which serves as a demand zone.
Entry Range: 23,600–23,800 (look for bullish candles or expansion signals).
Stop Loss: Below 23,500 to protect against further downside.
Target 1: 24,400–24,600, aligning with the 50-day SMA resistance.
2. Breakout Setup – Above 50-day SMA
Scenario: A breakout above 24,500 could signal a trend reversal.
Entry Point: Above 24,500 upon breakout confirmation.
Stop Loss: Below 24,000 to minimize risk.
Target 1: 25,000–25,200, based on prior swing highs.
3. Bearish Continuation – Breakdown of 200-day SMA
Scenario: Failure to hold the 200-day SMA may lead to a bearish continuation.
Entry Point: Below 23,500 upon breakdown confirmation.
Stop Loss: Above 23,800 to manage risk.
Target 1: 23,000–22,800, the next support zone.
The Nifty 50 index is trading near 23,813, indicating a recent downtrend after forming lower highs.
The price is below the 50-day SMA (red), showing short-term bearish sentiment, but is near the 200-day SMA (green), acting as a critical support zone.
RSI is at 44.80, reflecting neutral to slightly bearish momentum without being oversold.
Key Observations and Trade Setups
1. Rebound Setup – From the 200-day SMA
Scenario: Price may rebound from the 200-day SMA, which serves as a demand zone.
Entry Range: 23,600–23,800 (look for bullish candles or expansion signals).
Stop Loss: Below 23,500 to protect against further downside.
Target 1: 24,400–24,600, aligning with the 50-day SMA resistance.
2. Breakout Setup – Above 50-day SMA
Scenario: A breakout above 24,500 could signal a trend reversal.
Entry Point: Above 24,500 upon breakout confirmation.
Stop Loss: Below 24,000 to minimize risk.
Target 1: 25,000–25,200, based on prior swing highs.
3. Bearish Continuation – Breakdown of 200-day SMA
Scenario: Failure to hold the 200-day SMA may lead to a bearish continuation.
Entry Point: Below 23,500 upon breakdown confirmation.
Stop Loss: Above 23,800 to manage risk.
Target 1: 23,000–22,800, the next support zone.
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