The Nifty 50 extended its gains for the third consecutive session, closing 0.18 percent higher on November 12. The index traded within the previous day's range, while the broader bullish structure remained intact. However, the MACD histogram indicates some moderation in bullish momentum, suggesting further consolidation and range-bound trading over the next few sessions. According to experts, the 25,400–25,500 zone is likely to act as an immediate critical hurdle for the index. A decisive move above this range could pave the way for a sharp rally towards 26,000. However, as long as the index remains below this resistance zone, it may continue to consolidate, with immediate support at 25,000, followed by the crucial support level of 24,800.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 25,368, 25,425, and 25,518
Support based on pivot points: 25,183, 25,126, and 25,034
Special Formation: The Nifty 50 formed a bullish candle with upper and lower shadows on the daily charts, remaining within the previous day's trading range and indicating range-bound activity. The key moving averages continued to slope upward, keeping the broader trend positive. The RSI traded near the 80 mark at 79.82, with a bullish crossover, signalling strong bullish momentum. However, it has moved closer to the overbought zone. The MACD maintained its upward trajectory, but the green histogram bars have declined for the third consecutive session, indicating a gradual moderation in bullish momentum. These indicators suggest that the broader bullish trend remains intact, although the fading momentum signals the possibility of further consolidation in the near term.