NIFTY SPOT OVER VIEW

 

Technical Analysis of Nifty 50 (5-Minute Chart)

1. Chart Setup & Indicators:

Fibonacci Retracement Levels: Applied on a recent uptrend.

Key Levels:

0.382 (23,500.35) → Support Level

0.5 (23,564.50) → Current price zone

0.618 (23,628.65) → Resistance

0.786 (23,719.95) → Major Resistance

RSI (Relative Strength Index):

Current RSI: 48.83 (Neutral, near 50)

RSI recently bounced from oversold levels (~43), indicating possible recovery.

Volume Analysis:

A spike in volume suggests buying interest near Fibonacci support levels.

2. Expected Move & Trade Plan

Bullish Scenario (If Price Holds Above 23,550-23,564 Zone):

✅ Entry: Above 23,565 (if price sustains)

🎯 Targets:

First Target (T1): 23,628 (0.618 Fib level)

Second Target (T2): 23,717-23,720 (0.786 Fib level)

🛑 Stop-Loss: Below 23,500 (0.382 Fib support)

🔹 Confirmation:

Price breaking above 23,580 with increasing volume.

RSI moving above 50 confirms momentum shift.

Bearish Scenario (If Price Fails at 23,564 & Breaks Below 23,500):

❌ Entry: Below 23,500

🎯 Targets:

First Target (T1): 23,450

Second Target (T2): 23,400

🛑 Stop-Loss: Above 23,565

🔹 Confirmation:

Price closing below 23,500 with strong red candles.

RSI moving below 40 signals weakness.

3. Bias & Final View:

Bullish Bias (As long as price holds above 23,550).

If price breaks 23,580, expect 23,628-23,720 as next resistance levels.

Below 23,500, bearish momentum can take over.

Nifty 50 (5-Min) Chart Analysis

1. Support & Resistance Levels:

📌 Support Levels:

23,550-23,564 → Immediate support (0.5 Fibonacci level)

23,500-23,503 → Strong support (0.382 Fibonacci level)

23,450-23,400 → Major support zone (if breakdown happens)

📌 Resistance Levels:

23,628-23,641 → Immediate resistance (0.618 Fibonacci level)

23,716-23,720 → Strong resistance (0.786 Fibonacci level)

23,800+ → Breakout level for further upside

2. Short-Term View (Intraday to Few Days)

🔹 Bullish Scenario:

If price holds above 23,550, expect a move towards 23,628-23,720.

RSI recovering from oversold levels supports a bounce.

Volume spike indicates buyers stepping in at lower levels.

🔹 Bearish Scenario:

If price breaks below 23,500, expect further downside towards 23,450-23,400.

Weak RSI below 40 confirms bearish momentum.

⏳ Overall Short-Term Bias: Neutral to Bullish (unless 23,500 breaks).

3. Long-Term View (Few Weeks to Months)

📊 Technical Outlook:

Trend: Nifty is still in an uptrend but facing resistance near 23,720-23,800.

Fibonacci Analysis: If Nifty crosses 23,720, it can continue its bullish trend.

Key Breakout Level: 23,800 (Above this, rally can extend towards 24,000+).

Bearish Risk: If Nifty fails to sustain above 23,500, deeper correction towards 23,200-23,000 possible.

⏳ Overall Long-Term Bias: Bullish as long as Nifty stays above 23,500-23,550.

4. Trading Strategy Recommendation

🎯 For Long Positions:

Buy above 23,565-23,580, targets 23,628 / 23,720, SL 23,500.

🎯 For Short Positions:

Sell below 23,500, targets 23,450 / 23,400, SL 23,565.