Now the question is what could be the next support?
The Nifty 50 experienced a significant drop recently, closing at 24,852.15 on 26 August 2024, before bouncing back to a lifetime high of 25,430.45 on 13 September 2024. Despite the fall, technical indicators currently suggest a positive trend, with many showing a "Strong Buy" signal. Moving averages (MA) across various timeframes such as 5, 10, 20, and 50 periods continue to show a bullish outlook, indicating strong support levels around 24,950-25,050 and resistance near 25,500-25,550.
The Relative Strength Index (RSI) is at 59.34, suggesting that the market is neither overbought nor oversold, and the Moving Average Convergence Divergence (MACD) is also showing a positive trend. The overall market sentiment remains strong, but there are signals of overbought conditions with the Stochastic Oscillator at 99.573
In terms of support, the key levels to watch are 25,150 and 24,950, while immediate resistance lies near 25,500-25,550. Thus, the trend still leans upward, though caution is advised as volatility remains high. The next few sessions will be crucial to confirming if the trend remains bullish or if we might witness a deeper correction.
The Relative Strength Index (RSI) is at 59.34, suggesting that the market is neither overbought nor oversold, and the Moving Average Convergence Divergence (MACD) is also showing a positive trend. The overall market sentiment remains strong, but there are signals of overbought conditions with the Stochastic Oscillator at 99.573
In terms of support, the key levels to watch are 25,150 and 24,950, while immediate resistance lies near 25,500-25,550. Thus, the trend still leans upward, though caution is advised as volatility remains high. The next few sessions will be crucial to confirming if the trend remains bullish or if we might witness a deeper correction.
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