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Nifty

Multiple narrow-range candles indicate a lack of conviction, further confirmed by a negative crossover in short-term moving averages. Momentum has weakened as RSI slips below the 50 mark, while ADX near extreme levels suggests a potential strengthening of the prevailing trend. A decisive breakdown below 24860 signals fresh downside risk, likely dragging the index below 24800 and possibly towards 23500, thereby negating any near-term bullish outlook. In the absence of any intraday reversal patterns, the index is expected to remain under pressure for the rest of the week. Traders should adopt a stock-specific approach and avoid fresh longs unless a clear daily reversal emerges or the index breaks above 24175 (200 DEMA). Until then, maintaining a short bias is advisable, with a stop-loss above 24060 on a closing basis for a potential decline towards the 23480 zone

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