Nifty : Riding Bullish Channel or Falling into Correction Zone?

📊 Nifty 50 Daily Chart Analysis

**Chart Summary (as of May 13, 2025):**

1. **Index Price:**
Nifty 50 is trading around **24,683.90**, showing a significant drop of **-346.35 points (-1.39%)**.

2. **Trendlines:**

* A **long-term downtrend line** has been broken recently, indicating a **bullish breakout**.
* Post-breakout, the price formed an **ascending channel**, respecting higher highs and higher lows.

3. **Support & Resistance:**

* Strong support levels are observed at **22,792**, **21,880**, **20,262**, and **19,994**.
* Immediate resistance zone near **25,200–25,500**, where price is currently consolidating near the top channel line.

4. **Volume:**

* Volume shows increasing interest on bullish days and profit-booking near resistance.
* Recent red bars indicate **selling pressure**.

5. **Moving Average:**

* The **200-day SMA** is at **24,046**, and the price is well above it — a **bullish signal**.

6. **MACD (Momentum):**

* MACD is showing signs of **bullish crossover fade**, indicating that upward momentum may be cooling.
* Histogram bars are shrinking, suggesting a possible **reversal or consolidation**.

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