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22-10-2024 10:30 AM | Source: Tradebulls Securities Pvt Ltd
Long-term investors may find the demand zone between 25,000 and 24,500 attractive for building positions - Tradebulls Securities Pvt Ltd

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Nifty

The Nifty index started the week on a positive note but lost momentum, closing near its crucial support at 24,760. While the recent 'Bullish Harami' pattern remains intact, its bullish potential will only be confirmed if the index closes above 25,240 in the near term. A sustained close above 24,760 could signal the beginning of a recovery, with a short-covering rally triggered by a close above 24,860. Currently, the directional momentum indicators, with ADX at 33 and RSI at 39, are neutral, reflecting market uncertainty. In this phase, momentum traders should hedge with a combination of long and short positions, while a breakout above 24,860 could push the index toward 25,150, aligning with the 20-day exponential moving average (DEMA). Long-term investors may find the demand zone between 25,000 and 24,500 attractive for building positions, especially if the bullish trend strengthens. For now, a cautious approach is advisable until clearer signals emerge for directional trades

 

 

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