14-10-2024 09:54 AM | Source: Tradebulls Securities Pvt Ltd
A ``Bullish Harami`` pattern near the 24,760-support zone, combined with technical indicators like the ADX and RSI, points toward a potential shift in market momentum, yet it remains unconfirmed - Tradebulls Securities Pvt Ltd

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Nifty

A "Bullish Harami" pattern near the 24,760-support zone, combined with technical indicators like the ADX and RSI, points toward a potential shift in market momentum, yet it remains unconfirmed. The fact that the index is holding above 25,000 is an early but important sign of strength, and the price-RSI divergence on the 60-minute chart adds to the case for a possible reversal. However, since confirmation is still lacking, your suggestion of maintaining a mix of long and short positions to hedge risk makes sense, particularly for momentum traders. For long-term investors, the demand zone from 25000 upto 24,500 provides an attractive entry point for building positions if the bullish scenario strengthens. It's clear that the market is at a crossroads, and prudence would prove healthy for further signals before fully committing to a directional trade. In the meantime, monitoring key resistance at 25,140 and support levels closely should help guide the next steps.

 

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