July 24, 2025
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Technical Analysis of the Market by Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
For 25 July 2025
After showing a sustainable upmove on Wednesday, Nifty was not able to continue its upside momentum on Thursday and witnessed sharp weakness by 157 points. After opening with a positive note, the market slipped into declines in the early-mid part of the session. There was a minor recovery attempt in the mid to later part, but the market finally closed at the lows.
A long bear candle was formed on the daily chart that has engulfed the small positive candle of previous session. Technically, this market action indicates formation of Bearish Engulfing type candle pattern. This is negative indication.
The bearish chart pattern like lower tops and bottoms is intact and Thursday’s swing high of 25246 could be a new lower top of the pattern. The immediate resistance of 25250 remains active and Nifty reversed down from near the hurdle on Thursday.
The underlying trend of Nifty is still weak. Presence of strong overhead resistance and the formation of bearish pattern indicates chances of more weakness in the short term. A slide below 24900 levels could possibly open some more weakness down to 24500 levels in the near term.
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Technical Analysis of the Market by Nagaraj Shetti
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