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Nifty

The occurrence of long-wick candlestick patterns indicated indecision rather than strong bearish conviction. A smart rebound in yesterday’s session helped the index reclaim levels above the previous day’s Inverse Hammer, effectively invalidating the near-term bearish setup. A sustained move above 25170 will confirm a breakout, paving the way for an advance towards the 25400–25500 zone. On the downside, any pullback towards 24950 should be seen as a healthy correction within the ongoing consolidation. A decisive break below 24620 would negate the current bullish structure. Until such a breakdown occurs, dips remain buying opportunities, with 24950 acting as a key support zone. Despite global uncertainties and FII outflows, domestic sentiment stays resilient, aided by strength in large-cap IT and Banking names. Overall, a close above 25170 will likely mark the start of a fresh directional momentum phase, reinforcing the medium-term uptrend while a buy-on-dips strategy remains favoured.

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