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Nifty

Immediate upside is likely to remain capped amid elevated crude oil prices and ongoing geopolitical tensions in the Middle East, both of which continue to weigh on market sentiment. The Nifty index remains in a consolidation phase within the 23800–24200 range, reflecting the absence of a clear directional trend. A decisive close above 24200 is essential to confirm a breakout and open the path for further upside, while 24000 serves as immediate support, with 23800 acting as a crucial breakdown level. A sustained move above 24200 could trigger a meaningful rally and indicate a shift in momentum. Conversely, a break below 23800 may intensify selling pressure, potentially dragging the index towards the 23500 - 23150 zone in the near term. Momentum indicators reinforce the consolidation view, with ADX below 20 signaling a weak trend and RSI near 50 indicating neutrality. Derivatives data shows significant resistance at the 24200 Call OI zone, while support is placed around 24000. Traders should stay disciplined, avoid excessive leverage, and wait for a clear breakout before taking directional positions.

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