Nifty50 Defends Support - Sharp Recovery After Channel Break
Join Us
Follow Us
Index gaps into the 23,800–24,000 zone, breaks the rising channel, then bounces off 23,786 to close near the day's high as short-term RSI turns positive.
✨ Key Takeaways
Channel Breaks, But Nifty Closes Near Day's High — A Recovery Candle at 23,786 Support
Nifty opened with a gap down today, slipping straight into the old 23,800–24,000 zone and briefly breaking below the rising channel that had held since June. Low of the day came in at 23,786.80, right near that support box. But sellers couldn't hold on — the index clawed back most of the losses to close at 23,914.45, forming a recovery-style candle near the day's high.
Hourly Chart Still Bearish — Price Trapped Below Falling EMA Cluster, RSI Under 42
On the hourly chart, price is still stuck below a thick stack of falling EMAs, all sloping down together, which keeps the short-term structure heavy. RSI sits at 41.95, still under the 50 mark, so momentum hasn't really turned yet. The bounce off the lows looks more like relief buying at support than a genuine trend shift — the EMA cluster overhead needs to be reclaimed before this gets convincing.
15-Min Chart Flashes Early Reversal — Buyers Defend 23,820, RSI Climbs Back to 55
Zoom into the 15-min chart and the picture looks a bit brighter. Buyers stepped in firmly near 23,820, and price rallied straight through the session into the close, ending near the day's high. RSI has moved back above 50, sitting at 54.63, hinting that short-term momentum has flipped positive. It's still early days, but this kind of sharp Intraday recovery is often the first sign that sellers are running out of steam near support.
Disclaimer: The article is for informational purposes only and not investment advice.