Nifty 50 Prediction for Tomorrow, January 23 (Thursday): Hammer Tweezer Bottom Candlestick Pattern Indicates Recovery; Check Support and Resistance Levels

Nifty 50 Prediction for Tomorrow, January 23 (Thursday): Hammer Tweezer Bottom Candlestick Pattern Indicates Recovery; Check Support and Resistance Levels

Nifty 50 Prediction for January 23, Thursday: The Nifty 50 index has formed a Hammer Tweezer Bottom candlestick pattern on its daily chart, signaling a potential near-term recovery. This pattern reflects market indecision followed by buying pressure, hinting at bullish possibilities. Here’s an in-depth analysis of Nifty 50’s support and resistance levels for January 23, 2025.

Nifty 50 Market Overview

On Wednesday, January 22, BSE Sensex surged 566.63 points (+0.75%) to close at 76,404.99, while the Nifty 50 index gained 130.70 points (+0.57%) to settle at 23,155.35. The rebound was driven by buying in IT and banking stocks during a volatile trading session.

Expert Insights on Nifty 50

1. Vatsal Bhuva, LKP Securities

The Nifty 50 index found strong support near the previous session low of 22,980.

For bullish momentum to continue, Nifty must close above 23,500, aligning with its 21-day EMA.

Trading Range for Tomorrow: 23,000–23,350.

Key Support: 23,000.

A break below 22,975 could trigger selling pressure and push the index towards 22,800.

2. Nagaraj Shetti, HDFC Securities

A small positive candle with a lower shadow on the daily chart indicates an upside bounce.

Despite this recovery, the broader trend remains weak with lower tops and bottoms intact.

Immediate resistance lies at 23,400, while a decisive break above this level can spark renewed buying interest.

3. Jatin Gedia, Mirae Asset Sharekhan

Momentum indicators, both daily and hourly, have shown a positive crossover, indicating further recovery.

If Nifty sustains above 23,000, it could rally towards 23,400.

However, a breach of the 23,000–23,050 support zone may drag the index down to 22,670.

Support and Resistance Levels for January 23, 2025

Strong Support Zone: 23,000–22,975.

Immediate Resistance: 23,400.

Key Level for Bullish Continuation: 23,500 (21-day EMA).

Critical Support Below 22,975: 22,800–22,670.

Technical Analysis: What’s Next for Nifty 50?

The formation of the Hammer Tweezer Bottom pattern and positive momentum indicators suggest a recovery rally may continue in the near term. However, traders must keep an eye on key support and resistance levels, as failure to hold above 23,000 could lead to further downside.

For intraday traders, focusing on the 23,000–23,350 range offers lucrative opportunities. A breakout above 23,400 could invite strong buying, while a breakdown below 22,975 may signal weakness.

Stay tuned to TradingThought for daily updates on Nifty 50, Bank Nifty, and stock market trends.