Nifty 50 at a Crucial Test - Doji Forms Right at Channel Support

Doji After Hammer — Buyers Tried, But Couldn't Follow Through

Nifty formed a doji right after yesterday's hammer candle. In simple terms — yesterday buyers stepped in and defended the lows, but today neither buyers nor sellers could take control, so the index closed almost flat at 24,055.80, down just 24.60 points. This pattern usually means the market is confused and waiting for a clear trigger before choosing its next direction — up or down.

Price Sitting on Channel Support + Old Gap Zone (24,000–24,150) Together

This spot matters because two supports are meeting at the same place — the rising channel's bottom line and the old gap zone of 24,000–24,150. When two supports overlap like this, the fall usually slows down, which is exactly what's happening now instead of a sharp break. But it's still just a test, not confirmed. If Nifty closes below 24,000 and breaks the channel clearly, the next support is 23,800.

Trend Looks Weak: Below All EMAs, RSI Under 50, Sellers Active Near 24,143 — CAS Added 75 Points

The bigger worry is that Nifty is trading below all major moving averages — 20, 50, 100 and 200 EMA — which shows the overall trend is weak right now. RSI is also under 50, meaning momentum favors sellers. On the hourly chart, sellers came in sharply near 24,143, right above the 20-EMA, rejecting every small bounce. CAS added +75.25 points today, which softened the fall, but overall, the setup still looks cautious — any rise toward 24,140–24,190 should be treated carefully, not chased blindly.

Disclaimer: The article is for informational purposes only and not investment advice.