Nifty 50 inverted hammer is Reversal sign? key levels on chart!

The Nifty 50 📉 closed flat with a slight negative bias after rangebound trading today. It continued its downward move for the sixth consecutive session but stayed above the 22,500 zone for another day. 📊 The formation of an Inverted Hammer candlestick 🔨, along with India VIX dropping below 14 📉 and RSI in the oversold zone 🛑, suggests a potential reversal in the coming sessions. Resistance is at 22,620 🚀, and key support is at 22,510, with 22,420 being the next critical level 🔑.

Monthly 20 SMA 22,420 is critical level and strong key support if break below trendline. Opening at 22,516, the Nifty traded within the range of 22,625 and 22,514 before closing at 22,548, down 6 points. A small bullish candle with a long upper shadow formed, resembling the Inverted Hammer pattern 🔨, suggesting a potential rebound if confirmed in the next session 🕒.

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