NIFTY Sellers Take Control After the Doji, Testing the 50 (W)EMA

Overview Nifty closed the week at 24,366, down 204.65 points or 0.83%. This follows directly from last week's doji at resistance, and the answer to "which side wins" has come in: sellers took control this week, with price rejecting from a high of 24,620.95 and closing near the Weekly 50 EMA (24,358.08). Follow-up on Last Week's View Last week we flagged a doji forming right at the resistance zone (24,601–24,989), a classic sign of indecision after a multi-week rally, with the next 1-2 candles expected to confirm direction. That confirmation has now arrived. Price failed to clear last week's high (24,774.30), and this week's red candle closed well below it, right on top of the Weekly 50 EMA. The Rising Wedge structure we've been tracking remains intact, and this week's price action leans toward the bearish resolution of that pattern. Pattern Explanation Nifty is now sitting almost exactly on the Weekly 50 EMA (24,358), a genuine make-or-break zone. Below this, the rising trendline support and Support 1 (23,817.80) are the next levels in line. The falling wedge resistance line above continues to cap every rally attempt, reinforcing the cautious read from last week. Key Levels Resistance Zone: 24,601.70–24,989.35 Weekly 50 EMA (current test zone): 24,358.08 Support 1: 23,817.80 Support 2 (Trendline): 23,611.00 Major Support: 23,070.15 Weekly 200 EMA: 22,291.99 (long-term trend remains up) Scenarios If Nifty closes next week below the 50 EMA (24,358), it would confirm sellers are in control, and price could slide toward the rising trendline support and 23,817–23,611 zone. If Nifty reclaims 24,620 (this week's high) with strength, it would suggest the pullback was shallow, and buyers could make another attempt at the 24,774–24,989 resistance zone. Beginner's Lesson A doji at resistance is a warning sign, not a guarantee, and this week is a good example of why we wait for the next candle rather than acting on the doji alone. Once the follow-through candle closes clearly in one direction, especially a strong red candle like this week's, it adds real weight to the case that sellers have taken the upper hand, at least for now. The 50 EMA test that follows is the next confirmation point to watch. Conclusion Nifty's doji hesitation resolved bearish this week, with price now testing the Weekly 50 EMA directly. A close below this zone would tilt the bias toward the rising trendline support near 23,817–23,611. A recovery back above 24,620 would keep the broader uptrend structure alive. This remains a level-to-level market, with the current test at the 50 EMA the key thing to watch into next week. This is for educational purposes only and not investment advice. Please do your own research or consult a financial advisor before making any trading decisions.