Fresh Longs Above 24,400; Focus on Stock Picks - Tradebulls Securities Pvt Ltd
Yesterday’s price action again displays an Inside Bar candlestick formation which means consolidation with clear trigger bounds. Daily RSI registering a bullish crossover and the ADX placed at an extremely low level, do indicate scope for improving momentum and the potential for a sustained directional move. A decisive follow-through close above the 24400 mark could be the immediate requisite to accelerate the rally towards the 24800 zone. However, any slippage below 24100 may trigger a breakdown towards 23600, in line with the extended trendline support. While the breakout signals are improving sentiment, confirmation remains essential above 24400. Traders should consider fresh long positions only on a sustained move above 24400 and continue to focus on stock-specific opportunities with favourable risk-reward. Investors may continue accumulating fundamentally strong stocks in a staggered manner, while deploying fresh capital more aggressively once the breakout is confirmed. A decisive close below 23800 would weaken the broader market structure and warrant a defensive stance with tighter risk management.
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