Nifty Analysis EOD - April 23, 2025

🟢 Nifty Analysis EOD - April 23, 2025 🔴

"Hanging Man Candle on Bullish Trend—Pause or Plot Twist?"

📊 Market Recap:

As anticipated from the ongoing bullish structure, Nifty opened with a strong Gap-Up at 24,357, adding +192 Points (+0.79%) to the charts. However, what looked like a continuation day quickly turned cautious. The initial candle marked the day’s high (Open = High scenario, nearly exact) and started a gap-filling move, pushing prices back to CPR.

The market respected CPR as a support, then moved back towards its mean (VWAP) where the PDH + R1 zone resisted price action effectively until 1 PM. Post that, Nifty finally broke out, sustained above the zone, and closed at 24,300—still holding gains despite a red candle, which visually seems bearish but technically closes above VWAP + PDH. Hence, a hidden bullish undertone remains.

🕯 Daily Candle Check: Is It a Hanging Man?

A textbook Hanging Man candle appears to have formed on the Daily Chart—a bearish reversal pattern that shows potential weakness at the top of a rally.

📌 Candle Stats:

Body: 28 points

Lower Shadow: 209 points

Upper Shadow: 2 points

Shadow-to-body ratio: 209 / 28 = 7.4x

✅ Trend Context: Yes, uptrend present
✅ Candle Structure: Meets all parameters

👉 Verdict: Confirmed Hanging Man Candle

This hints that selling pressure is gradually creeping in while buying strength might be exhausting. But a Hanging Man alone isn't a trade trigger—confirmation is key. So we watch tomorrow’s session to decide whether it’s just a pause or a trend shift.

📈 Intraday Insight: Head & Shoulders Pattern

During the session’s consolidation and bounceback phase, a Head & Shoulders pattern played out intraday with its target being 24,300—achieved successfully by EOD.

🔍 Pattern Recap:
This bullish reversal structure shows three dips, with the central one (head) being the deepest and two shallower ones (shoulders). A break above the “neckline” confirmed bullishness—supporting the rebound above VWAP.

📌 Gladiator Strategy Update

ATR: 350.19

IB Range: 94.75 (Small IB)

Market Structure: Imbalanced

🎯 Trade Highlights:

First Trade: Short – Triggered at 10:05 AM — ✅ 1:1.5 Target Achieved

Second Trade: Long – Triggered at 13:40 PM — ✅ 1:1.5 Target Achieved

Additional Trade (H&S Pattern): Long – Triggered at 11:40 AM — ✅ Pattern Target Achieved

🧠 Index Performance Snapshot:

Nifty 50: +161 Points (+0.67%)

Bank Nifty: -277 Points (-0.5%), but a new ATH at 56,098

Nifty 500: +152 Points (+0.69%)

Midcap: +644 Points (+1.18%)

Smallcap: +74 Points (+0.44%)

📌 Key Levels to Watch

📍 Resistance Zones:

24,330 ~ 24,360

24,480 ~ 24,540

24,800

📍 Support Zones:

24,190 ~ 24,225

23,950 ~ 24,000 (Immediate)

23,820

23,660 ~ 23,710

23,500

23,400 ~ 23,430

23,200 ~ 23,190

🧭 Final Thoughts:
"Reversal or Reset? Structure is key. When levels work, respect them. When they break, adapt."

✏️ Disclaimer ✏️
This is just my personal viewpoint. Always consult your financial advisor before taking any action.