NIFTY OVERVIEW 5/6/2025

 

NIFTY Technical Analysis – Target, Stop Loss, Support & Resistance 📊 Current Price Levels Nifty Spot: 24,620 (+0.32%)

Nifty Future: 24,729 (+0.22%)

🧭 Technical View The Nifty is currently showing sideways/lackluster sentiment, mainly because traders are in a wait-and-watch mode ahead of the RBI rate decision.

🔹 Bearish Signals RSI Bearish Crossover: Momentum is weakening, indicating potential short-term correction or consolidation.

Range-Bound Pattern: Price is trading in a box range (marked in the chart), signaling indecision.

🔧 Support & Resistance Levels Type Level Comment Support 1 (S1) 24,552 Near-term cushion from selling pressure Support 2 (S2) 24,485 Stronger support – break may trigger downside Immediate Support 24,500 Key breakdown level – below this, expect weakness Resistance 1 (R1) 24,666 Minor hurdle; intraday traders watch this Resistance 2 (R2) 24,712 Stronger resistance – breakout may trigger upside Longer-term Resistance 24,750 / 24,900 Range top; breakout target zone

🎯 Trade Setup: Target & Stop Loss 🔵 Bullish Bias (If Nifty holds above 24,500) Buy Range: 24,550–24,600

Target 1: 24,712

Target 2: 24,750–24,900

Stop Loss: 24,485 (S2)

Rationale: Holding above 24,500 with RSI recovering may push price toward upper resistance.

🔴 Bearish Bias (If Nifty breaks below 24,500) Sell Below: 24,485

Target 1: 24,300 (Gap-fill/past swing low)

Target 2: 24,100 (Trendline support area)

Stop Loss: 24,600

Rationale: RSI bearish crossover + support break confirms downtrend.

⏳ Time Frame View Intraday: Range-bound between 24,550–24,712

Short-Term (1–2 weeks): Watch 24,500 as a breakdown level or breakout above 24,750 for momentum

Medium-Term (2–4 weeks): Direction depends on RBI decision impact and breakout from box range

📉 Conclusion Neutral to Bearish Bias in short term unless Nifty breaks 24,750 with volume.

Critical Support at 24,500 – breakdown below this can trigger deeper correction.

Wait for confirmation near support or resistance to enter position.