May 19, 2025
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Technical Analysis of the Market by Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
Nifty continued to show consolidation movement on Monday and closed the day lower by 74 points amidst a range bound action. After opening on a flat to slight negative note, the market slipped into a gradual weakness with narrow range movement in the early to mid-part of the session. Choppy movement continued in the later half and Nifty closed near the lows.
A small negative candle was formed on the daily chart, which is indicating a consolidation movement in the market in the last couple of sessions after a stellar upmove on Thursday. The bullish chart pattern like higher tops and bottoms is intact on the daily/intraday chart and present consolidation or minor weakness is expected to form another higher bottom in the market.
The near-term uptrend of Nifty remains intact. The present choppy movement is expected to end in the next 1-2 sessions before a decisive upside breakout again. Immediate support is placed at 24800. A sustainable move above 25100-25200 levels could open sharp buying towards 25500-25600 levels in the near term.
