IGI Logo

Nifty

The index witnessed yet another narrow-ranged session, managing a close above its 5-DEMA support at 24350, as it continues its brief phase of consolidation without any signs of trend exhaustion. This price action mirrors a short-term squeeze, potentially setting the stage for an upward expansion. Trend strength indicators remain comfortably below overbought territory, and there are no visible divergences or signs of weakness. A decisive breakout above the 24350-option cluster could act as a trigger for the next leg of momentum, with targets at 25180 for the month. The trading base has now shifted higher from 23400 to 24000, marking it as a revised support and potential stop level for ongoing momentum trades. However, a breach below 23960 may hint at short-term exhaustion, calling for a more cautious stance. On the upside, bullish flag pattern projections remain valid, aiming for 25180, followed by 25400, as long as 23960 holds on a closing basis. Momentum traders should continue to hold long positions, trailing stop-losses to 23960 to lock in profits while remaining positioned for the anticipated upside expansion.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838