Markets to Consolidate Before Resuming Upward Move Toward 25,640 - Tradebulls Securities Pvt Ltd
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Nifty
As anticipated, the index may continue to consolidate, with yesterday’s closing below the 20 DEMA support level and an RSI breakdown below 50 signaling potential concerns. If Nifty 50 manages to defend the 24,200 level (last week’s low), a rebound toward 24,500–24,700 is likely. However, a break below this level could see the index testing the critical 24,000 mark. Markets are expected to consolidate further for a day or two before resuming the upward move toward the inverse head-and-shoulders pattern target of 25,640. The index’s resilience is evident from weeks of consolidation near the crucial neckline support zone at 24,300-24000, while a consecutive weekly close above the 24,500-option cluster reinforces the bullish undertone. With short positions likely to unwind, Nifty could confidently move toward 25,125 in the near term, paving the way for a broader rally as long as key support levels hold.
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