Index hit 24740 but failed to sustain, expiry volatility cut gains - Tradebulls Securities Pvt Ltd
Nifty
The index rallied towards 24740 but failed to sustain a close above it, with expiry-led volatility erasing much of the gains. However, the September series has begun on a constructive note as the index rebounded smartly from the 24340 base and reclaimed its 20-DEMA at 24730, signaling early signs of stabilization. Notably, the appearance of an Inverse Hammer on the daily chart at the 88.6% retracement support of the prior 24344–25154 move reinforces the reversal probability. From a price-action perspective, a sustained close above 24500 has already induced short-covering, while a follow-through above 24740 would act as stronger confirmation for a rebound towards higher levels. On the flip side, 24,340 remains the key make-or-break zone; any breach here may negate the reversal thesis and extend the corrective phase. Overall, the 24500– 24760 band will be decisive for bullish momentum to reassert.
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