Nifty 50 Daily Chart Analysis – 10th April 2025
1. Price Trend and Structure:
Nifty recently faced strong resistance near the 24,000–24,200 zone and has since reversed.
The index is moving within a downward sloping channel, confirming a short-term bearish structure.
The pattern shows lower highs and lower lows, signaling continued bearish pressure.
2. Fibonacci Levels:
A key support zone was tested around 21,964, corresponding to the 0.618 Fibonacci retracement level.
If this level fails to hold, the next downside targets could be near 21,500 and then 20,800 (based on Fibonacci extensions).
3. Support and Resistance:
Immediate support: 21,964
Immediate resistance: 22,918 to 22,953 (horizontal level and EMA confluence)
A breakout above 23,000 would be a signal for potential trend reversal or bullish momentum.
4. EMA Stack Strength Meter:
The EMA histogram is turning deep red, indicating bearish alignment of exponential moving averages.
Momentum is clearly negative, with no strong bullish signs yet.
5. ADX Meter Line:
The ADX-based meter shows predominantly red bars.
This indicates rising trend strength, but with the -DI being stronger than +DI, confirming bearish dominance.
Very few green bars suggest limited bullish activity.
Expectations:
As long as Nifty stays below the 22,950–23,000 zone, the bias remains bearish to sideways.
A break below 21,964 could open further downside toward 21,500 or even 20,800.
Sustained recovery and a close above 23,000, along with rising ADX and +DI dominance, would be needed to confirm a bullish reversal.
Key Factors to Monitor:
Price action at the channel support.
Direction of ADX and DI lines.
Volume activity on any potential bounce.
1. Price Trend and Structure:
Nifty recently faced strong resistance near the 24,000–24,200 zone and has since reversed.
The index is moving within a downward sloping channel, confirming a short-term bearish structure.
The pattern shows lower highs and lower lows, signaling continued bearish pressure.
2. Fibonacci Levels:
A key support zone was tested around 21,964, corresponding to the 0.618 Fibonacci retracement level.
If this level fails to hold, the next downside targets could be near 21,500 and then 20,800 (based on Fibonacci extensions).
3. Support and Resistance:
Immediate support: 21,964
Immediate resistance: 22,918 to 22,953 (horizontal level and EMA confluence)
A breakout above 23,000 would be a signal for potential trend reversal or bullish momentum.
4. EMA Stack Strength Meter:
The EMA histogram is turning deep red, indicating bearish alignment of exponential moving averages.
Momentum is clearly negative, with no strong bullish signs yet.
5. ADX Meter Line:
The ADX-based meter shows predominantly red bars.
This indicates rising trend strength, but with the -DI being stronger than +DI, confirming bearish dominance.
Very few green bars suggest limited bullish activity.
Expectations:
As long as Nifty stays below the 22,950–23,000 zone, the bias remains bearish to sideways.
A break below 21,964 could open further downside toward 21,500 or even 20,800.
Sustained recovery and a close above 23,000, along with rising ADX and +DI dominance, would be needed to confirm a bullish reversal.
Key Factors to Monitor:
Price action at the channel support.
Direction of ADX and DI lines.
Volume activity on any potential bounce.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.