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The technical chart of the Nifty 50 shows that after reaching a new high, the index has formed a small-bodied candlestick with upper and lower shadows, similar to a long-legged doji, indicating hesitation at the highs. Additionally, the RSI (Relative Strength Index) is showing potential bearish divergence, further suggesting that the upward momentum of the market may be weakening
The key support level is currently at 24,970 points. A drop below this level could lead the index to test the support at around 24,840 points. On the upside, 25,100 points is a crucial resistance level. If the Nifty closes strongly above this level with a bullish candlestick, the index could continue to rise towards 25,200 points and might even reach the 25,400-25,500 point range
The key support level is currently at 24,970 points. A drop below this level could lead the index to test the support at around 24,840 points. On the upside, 25,100 points is a crucial resistance level. If the Nifty closes strongly above this level with a bullish candlestick, the index could continue to rise towards 25,200 points and might even reach the 25,400-25,500 point range
