Despite the pullback, Nifty failed to sustain a close above the crucial 24000 level last week - Tradebulls Securities Pvt Ltd
Nifty
Despite the pullback, Nifty failed to sustain a close above the crucial 24000 level last week. The index filled the gap-support zone near 23800 during the week and formed a Bullish Hammer reversal pattern. However, a close above the Hammer’s high is essential to confirm the reversal and restore confidence in a sustainable rebound. Nifty remains confined to a broader 24150–23740 range and continues to exhibit near-term weakness after slipping below its 50-DEMA at 24180. Nevertheless, repeated defence of the 24000–23800 support zone, along with consecutive reversal formations, has contained downside and suggests that consolidation could persist. For the week ahead, 24150 remains the immediate resistance, and a decisive move above this level would strengthen the reversal setup. A subsequent breakout above 24420 would confirm a broader bullish revival and restore directional momentum. On the downside, support has gradually shifted lower from 23800 to 23740, making the latter the immediate crucial support for the week. A decisive break below 23740 could intensify unwinding pressure towards 23550 or lower. Until Nifty decisively reclaims 24150, traders should continue to favour stock-specific opportunities with disciplined risk management.
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