📊 Nifty Market Outlook
By: SEBI Registered Research Analyst – Manjushri Sharma (INH000019497)
🔹 In my last article, I highlighted that Nifty was likely to recover as a strong Morning Star pattern had appeared, and I suggested a buy-on-dips strategy – which performed as expected.
🔹 Currently, on the 1-hour chart, Nifty is seen consolidating in a pennant formation between 25100 and 24900 levels.
- Support Zone: 24900 – also near the unfilled gap & 200-day moving average.
- Resistance Zone: 25100 – a decisive breakout above may trigger bullish momentum towards 25300.
- Below 24900: Breakdown may invite weakness towards 24750.
- RSI: Consolidating near 61, indicating momentum buildup.
- OI Data: Highest intraday Call writing at 25000 and Put writing at 24900 – showing a tug of war at these key levels.
📌 Trading View:
- Above 25100 → Bullish bias, target 25300.
- Below 24900 → Bearish bias, target 24750.
⚠️ Disclaimer:
This analysis is shared by Manjushri Sharma, SEBI Registered Research Analyst (INH000019497) for educational and informational purposes only. It should not be considered investment advice or a buy/sell recommendation. Markets are subject to risks, and past performance is not indicative of future returns. Please consult your financial advisor before making any investment decisions.