Technical Analysis: NIFTY50 (Closing: ₹24,968.40 on 18-Jul-2025)Nifty 50 IndexNSE:NIFTYshoonya0000*Analysis as of 21-Jul-2025 (Monday)* 1. Candlestick Patterns Daily: A bearish engulfing pattern formed on 18-Jul-2025, closing below the prior candle’s low. Signals short-term reversal risk. Weekly: Doji formation (indecision) near all-time highs. Weekly close below ₹25,000 warns of exhaustion. Intraday (4H): Bearish pin bars at ₹25,100 resistance. Watch for follow-through selling below ₹24,900. 2. Harmonic Patterns Daily: Potential Bearish Bat pattern in development: XA: ₹23,200 → ₹25,200 (100%) B: 61.8% retracement at ₹24,400 (pending) Confirmation below ₹24,400 targets ₹23,800 (0.886XA). 3. Elliott Wave Theory Weekly: Final waves of Wave 5 (impulse) likely complete at ₹25,200. Daily: Starting ABC corrective wave: Wave A: ₹25,200 → ₹24,800 (if breaks ₹24,900) Wave B: Rally to ₹25,000–25,100 (short opportunity) Wave C: Target ₹24,300 (1.618xA). Intraday (1H): Minute wave iii down in progress below ₹24,950. 4. Wyckoff Theory Phase: Potential distribution near highs: Upthrust (18-Jul high ₹25,120) failed to hold. Spring Level: ₹24,900. Break confirms downtrend (test supply). Downside target: ₹24,500 (fall after distribution). 5. W.D. Gann Analysis Square of 9: Key support: √24,968 ≈ 158.0 → 158² = 24,964 (critical pivot). Close below 24,964 opens ₹24,650 (next square). Time Cycles: 21-Jul is 180° from 21-Jan 2025 high. Watch for trend change. Gann Angle: 1x1 angle from Jul-2025 high at ₹25,200 → breaks below imply ₹400/day decline. 6. Ichimoku Kinko Hyo (Daily) Tenkan: ₹24,950 (resistance) Kijun: ₹24,800 (support) Cloud: Lagging span below price; cloud thinning (bearish momentum). Signal: Price below Kijun → trend weakness. 7. Key Indicators RSI (Daily): 62 → declining from overbought (70). Bearish divergence. Bollinger Bands (4H): Price testing lower band (₹24,900). Break targets ₹24,600 (2σ lower). VWAP (1H): ₹25,050 → intraday resistance. Moving Averages: Death Cross (50-DMA/200-DMA): Not triggered, but 5-DMA (₹25,020) crossed below 20-DMA (₹25,050). Timeframe Summary Timeframe Key Levels BiasPattern/Thesis 5M/15MRes: ₹24,990BearishScalp shorts below VWAP (₹25,050) 30M/1HRes: ₹25,050 Sup: ₹24,900BearishBearish EW wave iii; RSI < 50 4HRes: ₹25,100 Sup: ₹24,800NeutralBreak below ₹24,800 confirms Wyckoff distribution DailyRes: ₹25,200 Sup: ₹24,400BearishBearish Bat + ABC correction WeeklyRes: ₹25,500 Sup: ₹24,000NeutralDoji warns of reversal; hold ₹24,400 key Actionable Outlook Intraday (21-Jul): Short below ₹24,900 (SL: ₹25,050) → Target ₹24,800. Break below ₹24,800 extends to ₹24,650. Swing (1–2 Weeks): Sell rallies near ₹25,100 (SL: ₹25,250) → Target ₹24,400. Weekly close > ₹25,200 invalidates bearish view. Critical Supports: ₹24,800 (Wyckoff spring) → ₹24,400 (Harmonic/EW target) → ₹24,000 (psychological). Key Resistances: ₹25,050 (VWAP) → ₹25,200 (ATH) → ₹25,500 (Gann square).