Inverse Hammer at 24400 signaled correction end; Bullish Hammer set 24600 support - Tradebulls Securities Pvt Ltd
Nifty
On 29th August, the occurrence of an 'Inverse Hammer' near the 24400 zone signalled the end of the corrective phase and defined a fresh demand base at 24400–24500, which was further reinforced by a 'Bullish Hammer' candlestick formation on the week’s final session establishing support around 24600. Momentum indicators highlight consolidation, with RSI steady near 50 and ADX below 25, suggesting weaker trend strength, while multiple moving averages and strong Put OI at 24500 strengthen this demand band. On the upside, a breakout above 25000–25220 would be key to unlock further momentum, with the Inverse Hammer also aligning with the 88.6% Fibonacci retracement of the 24344–25154 leg, hinting that while near-term moves may oscillate within the 25220–24500 band, the September series is likely to carry a sustained bullish undertone
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