The Nifty 50 opened lower on Tuesday, giving back a portion of Monday’s gains as profit-taking kicked in near key resistance levels. The index is currently trading around 24,780, down nearly 0.88% intraday, after briefly reclaiming 25,000 at yesterday’s close.
Today’s tone feels markedly different. Several heavyweight sectors, including banking and IT, opened weak, while energy stocks also failed to hold early ground. The dip is not entirely unexpected; the 25,344 level has acted as a ceiling for weeks, and with no fresh macro tailwinds this morning, traders are leaning toward short-term exits.
Nifty 50 (INDEXNSE: NIFTY_50) Technical Analysis
- Current level: 24,780.95
- Immediate support: 24,500
- Resistance: 25,200 then 25,344
- RSI (14): 57.6 — easing from yesterday’s 60+ reading
- MACD: Still bullish, but histogram is flattening
- Momentum shift: Mildly corrective; not bearish, just cooling
From a broader view, Nifty 50 remains in a medium-term uptrend, with price still above the 50-day SMA and well above the 200-day. However, without a strong trigger like earnings surprises, RBI commentary, or global risk-on cues, the index may struggle to hold above 25,000 in the near term.
The next decisive move likely depends on how markets digest incoming Q4 GDP data and whether FII flows remain stable through the week.