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Nifty

Yesterday’s surge helped the index decisively surpass its 20 DEMA resistance with a gap-up opening and close near the 24000 level. The immediate hurdle is now placed at 24225 (50 DEMA), followed by a major gap resistance around 24415, which may be difficult to breach unless crude oil prices cool below the $88 level. The close above the key 24000 CE OI cluster indicates potential for further short-covering, which could drive the index towards the 24200 zone. On the downside, the 20 DEMA at 23430 is expected to act as immediate support. However, macroeconomic factors continue to weigh on sentiment. Elevated USD/INR levels, firm crude prices above $90, persistent FII outflows, and ongoing geopolitical tensions may keep any pullbacks vulnerable. Traders are advised to remain cautious in the 24230 –24420 zone and consider profit booking at higher levels, with opportunities to re-enter on dips. The broader structure remains constructive as long as the index sustains above 22630 during the current series.

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