NIFTY - near Weekly Supply - Pullback possible

Apr 21

NIFTY
NIFTY near Weekly Supply | Momentum Slowing | Possible Pullback Setup

Warning : This analysis is for educational purposes only. I am not a SEBI-registered investment advisor. This is not any Buy or Sell recommendations, only my views has been shared.

Nifty is currently trading near a higher timeframe (weekly) supply zone around 24,400–25,000, where price has historically faced resistance.

On the weekly chart, price has rebounded strongly from lower levels and is now approaching supply with RSI around neutral levels, indicating no extreme overbought condition but a potential pause in momentum.

On the 1-hour timeframe, the trend remains intact with higher highs and higher lows, and price continues to trade above EMA 20. However, recent candles indicate reduced momentum, with RSI flattening near overbought levels, suggesting a possible short-term exhaustion.

Delta Table observations indicate increased selling activity near recent highs, which could imply either distribution or absorption. Meanwhile, options data (28 APR expiry) shows notable open interest buildup on both sides around the 24,500 level, indicating a potential consolidation or range before a directional move.

Bias:
Short-term: Mildly bearish (pullback expected)
Higher timeframe: Neutral to bullish unless structure breaks

Plan:
Watching for either rejection from supply leading to a pullback toward support, or a strong breakout above 24,850 for continuation.

Disclaimer:
This analysis is for educational purposes only. I am not a SEBI-registered investment advisor. Please do your own research or consult a financial advisor before making any trading decisions. Markets are subject to risk, and past price action does not guarantee future results.

Apr 24

Note

as expected, many good stock that moved will form double bottom type structure in coming days.