Market Fails to Hold 24,050 Amid Weak Buying - Tradebulls Securities Pvt Ltd
Nifty
Nifty50 remained range-bound, trading within the previous session’s range while holding above its 5 DEMA (~23840) and facing resistance near the 50 DEMA (~24000). The index failed to sustain above 24050 despite an intraday high near 24090, highlighting weak follow-through buying. Technically, a breakout from a nine-session consolidation is visible, but a decisive close above 24000 is crucial to confirm a sustained uptrend for the June series. Momentum indicators are improving, with a bullish 5 -20 DEMA crossover and RSI moving above 50. However, ADX remains subdued on a declining mode at 16, indicating trend strength is still evolving. On the upside, holding above 23840 may lead to a move toward 24415, with short-covering potential in the 24000–24160 zone. On the downside, strong support at 23800–23500 should cushion declines
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