IGI Logo

Published on 12-05-2026 10:31 am

Nifty

Multiple narrow-range candles indicate a lack of conviction, further confirmed by a negative crossover in short-term moving averages. Momentum has weakened as RSI slips below the 50 mark, while ADX near extreme levels suggests a potential strengthening of the prevailing trend. A decisive breakdown below 24860 signals fresh downside risk, likely dragging the index below 24800 and possibly towards 23500, thereby negating any near-term bullish outlook. In the absence of any intraday reversal patterns, the index is expected to remain under pressure for the rest of the week. Traders should adopt a stock-specific approach and avoid fresh longs unless a clear daily reversal emerges or the index breaks above 24175 (200 DEMA). Until then, maintaining a short bias is advisable, with a stop-loss above 24060 on a closing basis for a potential decline towards the 23480 zone

Click Here :-https://tinyurl.com/33nhru5e

Please refer disclaimer at https://www.tradebulls.in/disclaimerSEBI Registration number is INZ000171838

Published on 12-05-2026 10:29 am

Comments:

Nifty weekly contract has the highest open interest at 25000 CE and 23500 PE while monthly contracts have the highest open interest at 25000 CE and 24000 PE. The highest OI addition was seen at 24000 CE and 23600 PE in weekly and at 24000 CE and 22800 PE in monthly contracts. FIIs decreased their future index long holdings by 3.59%, increased future index shorts by 3.93% and in index options, 10.83% increase in Call longs, 5.17% increase in Call short, 13.81% increase in Put longs and 3.61% increase in Put shorts.

Click Here :- https://tinyurl.com/mpe37e5p

Please refer disclaimer at www.geojit.comSEBI Registration number is INH200000345

Published on 12-05-2026 10:28 am

Nifty Outlook

Though yesterday’s declines were arrested near horizontal support of 23800, the manner in which the last hour’s slippage unfolded, suggests that the 23750-23540-23400 view discussed yesterday is in play. Recovery chances depend on the ability to pull back above 23930.

Click Here :- https://tinyurl.com/47bn3s9x

Please refer disclaimer at www.geojit.comSEBI Registration number is INH200000345

Published on 12-05-2026 10:26 am

Intraday Rational:

• Trend- The index retraced only 38.2% of its previous 12-day rally over the last 10 days, signaling a healthy and a slow pace of retracement.

• Levels- Sell around 80% retracement of yesterday decline

Click Here :- https://tinyurl.com/2s3zbn49

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631

Published on 12-05-2026 10:26 am

Technical Outlook:

• Index failed to capitalized the initial recovery and settled the session near days low. Consequently, daily price action resulted into bear candle with lower high lower low , indicating corrective bias.

• Index is likely to start the session with a negative gap tracking ongoing geopolitical conflict resulting into rise in crude prices. Over past three weeks Index has retraced merely 38.2% of earlier 3 weeks rally indicating slower pace of retracement, highlighting healthy consolidation. Key point to highlight is that, index has closed below 20-day EMA suggesting further correction in coming sessions.

• Immediate support is placed at 54200 being gap-area formed on 19th March and in vicinity of 38.2% retracement of entire April rally (49954-57456). Below that next support is placed at 53700 levels.

• Nifty PSU Bank relatively underperformed closed below 200- day EMA . Sustainability above previous session high will be important for revival in upward momentum.

Click Here :- https://tinyurl.com/2s3zbn49

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631