After breaking below the 24100 support and confirming a breakdown beneath its 50 DEMA - Tradebulls Securities Pvt Ltd
Nifty
After breaking below the 24100 support and confirming a breakdown beneath its 50 DEMA, Nifty signalled renewed weakness. However, the index subsequently formed a Spinning Top candlestick, reflecting indecision, with 24040 now emerging as the immediate resistance. The breach of 24000 has triggered fresh long unwinding, exposing the index to the 23800–23650 gap support zone. The daily RSI has slipped below the 50 mark, reinforcing the weakening momentum, while the ADX remains elevated, indicating that the prevailing trend continues to retain strength. A decisive follow-through below 23800 could accelerate the ongoing corrective phase. 24040 level now becomes the immediate reversal threshold and should serve as the stop-loss for existing short positions. Traders should avoid aggressive longs until Nifty reclaims 24360 on a sustained basis and instead focus on stock-specific opportunities. Investors may continue staggered accumulation of fundamentally strong stocks, while deploying fresh capital more aggressively after a confirmed breakout. A sustained breach below 23800–23650 would weaken the broader market structure and warrant a defensive approach with tighter risk management.
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