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Nifty

Fatigue became evident with the formation of multiple Doji patterns on the daily chart. Despite the decline on the final trading day of the week, the index managed to close near its 5-day exponential moving average (5-DEMA) support, signaling that no clear reversal has emerged yet. It continues to trade confidently above its 5-DEMA at 24,030, maintaining the higher-top, higher-bottom structure that underpins the prevailing bullish momentum. This bullish structure remains intact unless a decisive close below the 23,400 zone occurs, where a major confluence of moving averages is positioned. On the upside, a breakout above 24,545 could trigger a swift rally toward the 25,180 mark. Importantly, key support has now shifted higher—from 22,900 to 23,400—coinciding with a significant moving average crossover, which further strengthens the bullish setup. Momentum traders are advised to stay long, revising their stop-loss to 23,930. Technically, the daily RSI remains below its prior peak of 71.65, suggesting there is still room for further upside. Meanwhile, the ADX reading above 31 confirms the strength of the trend, although it indicates the trend is entering its maturing phase. Traders should exercise caution if the index dips below 23,930, as such a move could lead to short-term exhaustion.

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