Nifty50 Breaks Below 23,700 Support as Bears Tighten Their Grip — What Do Indicators Signal Next?
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The index slips below all major EMAs as RSI nears 30, while negative MACD and rising ADX point to strengthening bearish momentum, putting 23,500–23,400 on the radar.
✨ Key Takeaways
Price Slips Below Major EMAs; Trend Remains Under Pressure
Nifty saw some sharp selling on Tuesday and closed at 23,635.10, breaking below the important 23,700 support. It's now trading below all the major EMAs on the daily chart, both short and medium-term, which really tells you the broader trend has turned weak. Even the earlier rising trendline doesn't hold much meaning anymore. For now, 23,700–23,800 stands as the immediate resistance overhead.
Daily RSI Near 30 Signals Weak Momentum
Daily RSI is sitting at 30.88, getting close to oversold territory. That does open the door for a short-term bounce, since the index has clearly seen heavy selling. But RSI still being under 50 confirms momentum overall remains weak. What's more telling is that RSI has been sliding steadily from higher levels for a while now — buying strength keeps fading, and sellers are firmly in the driver's seat.
MACD Turns Negative as Selling Momentum Builds
MACD on the daily chart has slipped into negative territory, with the line below zero and the histogram still showing weakness. Same story on the 1-hour chart — MACD is firmly negative there too, backing up the bearish structure. There's a bit of improvement showing up in the 15-minute MACD histogram, but that looks more like a short pause after the sharp fall rather than any real sign of reversal.
ADX Confirms a Stronger Downward Trend
Daily ADX is around 23, which suggests the broader trend is picking up strength but hasn't hit an extreme phase yet. Things look a lot clearer on the shorter timeframes though — 1-hour ADX is near 33 and 15-minute ADX is around 41, both pointing to strong downward momentum right now. With 23,700–23,750 acting as resistance, holding 23,615 becomes really important — a clean break below that could open the door toward 23,500–23,400.
Overall view: Between the break below 23,700, price sitting below all major EMAs, weak RSI, negative MACD, and rising ADX on the shorter timeframes, the short-term setup stays firmly bearish. RSI being near oversold could spark a technical bounce, but Nifty really needs to reclaim 23,700–23,800 with some conviction before the selling pressure genuinely eases off.
Disclaimer: The article is for informational purposes only and not investment advice.