A sustained move above the 25180 resistance has reaffirmed bullish momentum - Tradebulls Securities Pvt Ltd
Nifty
Nifty has decisively broken out of a six-week consolidation phase, activating a bullish flag pattern with a projected target around 26555. A sustained move above the 25180 resistance has reaffirmed bullish momentum. Options data for the July series highlights a firm base at 25000, offering room for an upside extension towards 26500. On the absolute scale, Nifty continues to trade above its 5-week EMA, currently placed at 25030. As long as this support level is respected on a weekly closing basis, the momentum is likely to persist. Looking ahead, minor resistance is expected around 25730-25800 zone, with a potential move towards 26000 likely in the first half of the July series. A notable uptick in the daily ADX above 25 signals rising directional strength, while momentum indicators and a bullish crossover in short-term moving averages further support the uptrend. Maintain momentum long positions as long as 25030 holds on a weekly closing basis with review zone placed at 26555 itself. Investors can continue to accumulate on dips, with a longer-term pattern target of 27255, in line with the bullish flag breakout projection
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