Technical Analysis of Nifty Index

Technical Analysis of Nifty Index

Summary

The Nifty 50 closed the session at 24,328.95, up 0.67%, maintaining its upward trajectory with overbought momentum but solid trend confirmation. Key oscillators like the 14-day RSI (~71.8) and MACD remain bullish, while the index trades comfortably above all major moving averages. Pivot-point analysis highlights near-term support around 24,290 and resistance near 24,332. Overall, the technical bias is Strong Buy, with broad-based strength in both oscillators and moving averages.

Price Action

• Close: 24,328.95 (+161.70 | +0.67%)

• Day’s Range: 24,119.95 – 24,359.30

Momentum Indicators

• RSI (14): 71.78 → Overbought but trending higher

• MACD (12,26): +191.41 → Bullish crossover confirmed

• ADX (14): 36.75 → Strong trend momentum

• ATR (14): 79.85 → Lower volatility regime

Moving Averages

• MA 50 (SMA/EMA): 23,641.25 / 23,763.32 → Price above both

• MA 200 (SMA/EMA): 23,127.20 / 23,258.14 → Solid long-term uptrend confirmation

• All shorter-term (5, 10, 20, 100) SMAs/EMAs are positioned below current price, signaling broad-based strength

Pivot Points & Key Levels

Classic Pivots:

• Support: S1 24,269.06 | S2 24,228.78 | S3 24,206.16

• Pivot: 24,291.68

• Resistance: R1 24,331.96 | R2 24,354.58 | R3 24,394.86

Fibonacci Pivots:

• Support: 24,267.65 / 24,252.81 / 24,228.78

• Resistance: 24,315.71 / 24,330.55 / 24,354.58

Camarilla Pivots:

• Support: 24,297.82 / 24,292.05 / 24,291.68

• Resistance: 24,315.12 / 24,320.88 / 24,326.65

Overall Technical Bias

Strong Buy across major gauges:

• Oscillators: 8 Buy vs. 0 Sell

• Moving Averages: 12 Buy vs. 0 Sell

Analysts note that holding above the 50-day SMA (~23,641) and 200-day EMA (~23,258) paves the way toward fresh highs, with immediate hurdles at 24,400 and support floor at 24,100. The sustained overbought readings suggest potential short-term consolidation, but the dominant uptrend favors buy-on-dips strategies.