Fresh positions can be considered once Nifty trends above 24,060 - Tradebulls Securities Pvt Ltd
Nifty Chart
Nifty struggled to regain strength, slipping once again below its 200-DEMA zone at 23,620, while the anticipated Rising Three candlestick formation failed to confirm as the index closed below the critical momentum base of 23,440. The daily RSI has dipped below 50, signaling weakening momentum, while the weekly RSI remains below this level, requiring close monitoring for stronger trend confirmation. With key domestic events now behind us, traders can shift focus toward momentum-based opportunities in individual stocks, but only after 23,630 is decisively reclaimed on a closing basis, making it a pivotal zone for assessing trend strength. Fresh positions can be considered once Nifty trends above 24,060, while investors should track earnings outcomes and look for accumulation opportunities in oversold portfolio stocks. For the week, retaining momentum longs is advisable, with a review planned once the index enters the 24,060–24,210 resistance zone.
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