NIFTY - AnalysisNifty 50 IndexNSE:NIFTYshiva560060## Nifty 50 Technical Analysis — May 24, 2026 ### Current Price **23,719 (+0.27%)** — trading near the 0.5 Fibonacci retracement zone. ### Elliott Wave Count (Primary Bearish Scenario) The chart shows a **5-wave impulsive decline** from the highs: | Wave | Level | Description | |------|-------|-------------| | ① | ~24,500 | First impulse down | | ② | ~26,200 | Sharp corrective bounce | | ③ | ~21,800 | Extended impulse (longest wave) | | ④ | ~24,600 | Corrective bounce (current structure) | | ⑤ | ~23,282 target | Final leg down projected | Wave ④ appears to be completing a **complex correction**, and wave ⑤ is anticipated to take Nifty lower. ### Fibonacci Levels (Key Reference) | Level | Price | |-------|-------| | 1.309 extension (top) | 24,858 | | 1.0 (resistance) | 24,462 | | 0.618 retracement | 24,016 | | **0.5 retracement** | **23,872** ← *current zone* | | 0.236 | 23,282 | | -1.309 extension (target) | 21,666 | ### Shorting Opportunity Highlighted The analyst has marked a **"Shorting Opportunity around 24,000–24,100"**, which aligns with: - The **0.618 Fibonacci level** (24,016) - The **Wave ④ resistance zone** - A potential **lower high** formation on the daily chart ### Volume Analysis - Volume is showing a **declining trend** (descending trendline on volume), suggesting weakening buying momentum on the current bounce — **bearish divergence**. ### Bias & Targets | Scenario | Level | |----------|-------| | Short entry zone | 24,000–24,100 | | Wave ⑤ downside target | 23,282 | | Extended target (1.309) | 21,666 | | Invalidation (bull case) | Above 24,858 | ### Summary The chart presents a **bearish outlook** with Nifty completing a Wave ④ corrective bounce. Any rally toward **24,000–24,100 is seen as a selling opportunity**, with Wave ⑤ targeting **~23,282** initially and **~21,666** on extended projections. The declining volume further supports the bearish case. ⚠️ This is a technical chart interpretation only, not financial advice. Always manage risk with proper stop-losses and take advice from your professional / qualified adviser.