Technical Analysis of Nifty (CMP: 24833)

Current Market Price (CMP): 24833

Resistance Levels:

• R1: 24925

• R2: 25016

• R3: 25233

Nifty is approaching its first resistance. A sustained move above 24925 could see an extension towards 25016 and eventually 25233.

Support Levels:

• S1: 24710

• S2: 24585

• S3: 24371

Key support lies at 24710. A break below this level could invite further downside towards 24371.

Momentum Indicators:

• RSI (Relative Strength Index): 57.44
  RSI is in the neutral-to-bullish zone, indicating strength without being overbought. This supports further upside potential.

• Stochastic RSI: Positive
  Indicates improving short-term momentum, suggesting possible continuation of the upward trend.

• Stochastics: Negative
  A sign of caution. It shows a short-term slowdown or consolidation, even as stochastic RSI shows optimism.

MACD (Moving Average Convergence Divergence):

• MACD Line: 264

• Signal Line: 308

The MACD line is below the Signal line, indicating a bearish crossover, which could suggest weakening momentum or a short-term correction phase.

Technical View Summary:

Nifty is trading near its immediate resistance zone with mixed momentum signals. RSI and Stochastic RSI support a bullish bias, while the Stochastics and MACD suggest caution. The index may need stronger volume or news catalysts to decisively break above the resistance band.

Trading Strategy:

• Bullish above 24925, with potential to test 25016 and 25233.

• Caution below 24710, with next support levels at 24585 and 24371.

• Watch for a MACD crossover or rising RSI above 60 for further confirmation of strength.