Index shows resilience with Bullish Hammer at 24,600, ending correction; demand base at 24,400–24,500 - Tradebulls Securities Pvt Ltd
Nifty
The index is displaying signs of resilience as the Bullish Hammer formation near the 24,600 zone marked the end of the corrective phase and established a strong demand base between 24400–24500. Subsequent narrow-range Doji sessions, while maintaining closes above previous swing highs, reinforce the continuation of the uptrend. A cluster of moving averages around 24800, including the 50-DEMA, reflects a strengthening momentum base. On the upside, the 25070–25220 zone is emerging as the immediate target, with a decisive breakout above 25220 likely to unlock further directional momentum. Momentum indicators, with RSI steady above 50 and ADX below 25, suggest consolidation, but an uptick in ADX could accelerate the trend. Derivative data also points to firmness, as Put OI concentration has shifted higher from 24500 to 25800. For September, the undertone remains constructive, provided the index sustains the 24600–24500 support zone.
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