NIFTY Intraday Chart Analysis (May 9, 2025)
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Updated 18 hours ago
Trend Overview
The NIFTY index shows a strong intraday downtrend, with lower highs and lower lows evident. The price is below both the 50-period (blue) and 200-period (green) moving averages, indicating bearish momentum. The 50-period MA is approximately at 24,100, while the 200-period MA is around 24,150, reinforcing the bearish bias.
Recent Price Action
A significant bearish move occurred around 11:00, breaking below the 24,200 level. This led to a steep decline, with support observed around 23,950. There was a consolidation phase post 12:00, with minor attempts to recover above 24,000, which were unsuccessful.
Volume & Momentum Analysis
Volume spikes were noticeable during the sharp downmove around 11:00, peaking at approximately 2.88M, suggesting robust selling pressure possibly involving institutional activity. The sustained volume during the decline supports the continuation of the downtrend.
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Key Support & Resistance Levels
Key support is identified at 23,950, where buyers have tentatively stepped in. Resistance is marked around 24,100, where selling pressure intensified, keeping the bearish trend intact. Conclusion & Forward Outlook: With the downtrend prevailing, a break below 23,950 could extend losses towards 23,800. Conversely, reclaiming 24,100 with increased volume may signal a potential reversal or consolidation. Watch for sustained movement above 24,100 for signs of bullish recovery.
Disclaimer: The views expressed here are based on a research analyst's analysis, and there is no guaranteed outcome. This material does not contain investment advice.
Hourly Market Snapshot – 03:01 PM IST
- Nifty 50, Sensex
The Nifty 50 has declined 1.14% to 23,997.25, while the Sensex is down 1.16% to 79,406.87, reflecting investor caution amid geopolitical tensions with Pakistan.
- Sectorial Highlights
The banking sector is under pressure, with the Bank Nifty falling 1.46% to 53,572.75, indicating broader market weaknesses. Conversely, the IT sector shows resilience, suggesting potential for selective investments.
- Stock Movers
HDFC Life shares are trading at Rs 713.80, down 1.27%, but have delivered a solid 3.9% return over the past month, highlighting its growth potential amidst market volatility. Investor sentiment remains cautious, driven by geopolitical uncertainties, with the India VIX rising to 21.75, indicating increased market volatility and a defensive stance among traders.
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