The 3rd Wave

MAK Capital Weekly Summary View: Neutral to Slightly Bearish CMP: 24,175 Market Structure: Recovery → Consolidation → Rejection Near Resistance | Short-Term Lower Highs | Major Support Still Intact Candlestick Pattern: Bearish Candle – The latest weekly candle reflects continued selling pressure and profit booking near resistance. No confirmed breakdown yet, but the short-term structure has weakened. RSI (Weekly): 49.17 – RSI has slipped below 50, indicating weakening momentum. A move back above 50–55 is required for stronger bullish confirmation. MACD (Weekly): Positive but Flattening – MACD remains relatively supportive, but momentum is slowing. A fresh expansion is needed to confirm renewed upside strength. Accumulation Zone: 23,900–24,050 on dips Weekly Stop Loss: 23,893 on closing basis Resistance: 24,344 → 24,700 → 24,772 → 25,200 Support: 23,893 → 23,400 → 23,000 Targets: Short Term: 24,344–24,772 Medium Term: 25,200–25,823 Long Term: 26,172–26,370 Strategy The weekly chart requires a little more caution compared to the previous weeks. Momentum has weakened, RSI has slipped below 50, and the latest candles show selling pressure near resistance. However, the structure has not broken down yet. As long as Nifty holds above 23,893, the current move can still be treated as consolidation within the broader recovery. A decisive weekly close above 24,344 would be the first sign of improvement, while a breakout above 24,700–24,772 would confirm renewed bullish momentum. Until then, the preferred strategy should be selective buying on dips and avoiding aggressive chasing near resistance.