Monitoring volume and price action at these levels will help refine entry and exit strategies - Tradebulls Securities Pvt Ltd
Nifty
Yesterday’s resilience helped the index maintain its close above the 5 DEMA level of 22,460. The daily chart suggests the formation of an ‘Ending Diagonal’ reversal setup, with key pattern bounds placed at 21,800 and 23,040. A decisive close above the 20 DEMA zone of 22,630-22,710 would validate the reversal move toward 23,040 to be witnessed in the coming weeks. Such a closing would also signal the start of a fresh bullish sequence with a base at 22,000. In the short term, Nifty remains confined within a broad 21,800–23,000 range, with momentum traders using 22,120 as a trailing stop. Options data for today suggests firm bounds between 22,500 and 22,700, with 22,600 emerging as a pivotal zone for sustained momentum during the session. Monitoring volume and price action at these levels will help refine entry and exit strategies. Traders should stay cautious yet optimistic, keeping an eye on a breakout beyond 23,040 to confirm a shift in market sentiment.
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