Narrow Doji, Inside Bar show strength as price holds above rising 5-DEMA support - Tradebulls Securities Pvt Ltd
Nifty
Subsequent narrow-range Doji sessions, coupled with yesterday’s Inside Bar consolidation, highlight strength as price action continued to hold above the rising 5-DEMA support. This sustained positioning above previous swing highs reinforces the continuation of the uptrend. A cluster of moving averages around 24,800, including the 50-DEMA, is further strengthening the momentum base. Importantly, the daily ADX is poised for a breakout above the 25 level—a key indicator suggesting the early stages of developing directional momentum. On the upside, the 25070–25220 zone is emerging as the immediate target. A decisive breakout above 25220 could unlock further directional momentum and extend the rally. Derivative data also supports this constructive setup, with Put OI concentration having shifted higher from 24500 to 25800, reflecting growing firmness in the undertone. While unwinding above 25000 level will ignite fervor short covering thrust. For September, the outlook remains constructive as long as the index sustains the 24600-support zone with upside to remain open until a reversal formation is evident above 25220 zone.
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