Nifty50 Forms Gravestone Doji Near 24,000 - Are Sellers Taking Control?

Nifty50 Forms Gravestone Doji as Sellers Take Control Near 24,000

Nifty opened on a positive note and even touched 24,005.75, but that recovery just couldn't hold at the higher levels - sellers stepped in and pushed the index back down. It eventually closed at 23,897.70, forming what's called a gravestone doji on the daily chart. This candle basically tells you the market got rejected up top, and sellers are clearly getting active near the 24,000 marks. Since the close is happening right near the support zone, Monday’s session becomes important - either buyers manage to defend this area, or the selling pressure keeps building.

Price Stays Below Key EMAs, Keeping the Short-Term Trend Weak

The overall setup still looks a bit shaky, with Nifty trading below its short and medium-term EMAs on the daily chart. The 20-EMA and 50-EMA are sitting around 24,139–24,151, and the 100-EMA is a bit higher near 24,182 - so the 24,150–24,200 zone becomes the immediate hurdle for any recovery. Even on the hourly chart, it's the same story: every time price tries to climb back toward the EMA cluster, sellers show up. For things to really improve, Nifty would need a proper close above 24,150.

RSI Signals Weak Momentum, While 23,800-24,000 Remains Crucial

Momentum indicators aren't doing the bulls any favors either. Daily RSI is sitting around 38, well below the neutral 50 mark, which tells you buying strength just isn't there yet. Hourly RSI is a little better at 42, but the 15-minute RSI has actually slipped below 37, showing weakness is visible across all the shorter timeframes too. The key zone to watch now is 23,800–24,000 - as long as buyers hold this, Nifty could stay range-bound and attempt a recovery. But if this zone breaks decisively, there's a real chance of more downside from here.

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