Nifty 50 Loses Momentum Near 24,050 After Intraday High of 24,090 - Tradebulls Securities Pvt Ltd
Nifty
Nifty50 index failed to sustain momentum above the 24050 level despite an intraday move toward 24090, indicating a lack of strong follow-through buying. Price action remains capped below the 50 DEMA resistance near 24000, while support at the 5 DEMA around 23840 continues to hold firm. Although the index has recently broken out of a nine-session consolidation phase, a decisive close above 24000 is essential to confirm the start of a fresh directional uptrend for the June series. Encouragingly, technical indicators are showing early signs of strength. A bullish crossover between the 5 and 20 DEMA, coupled with the daily RSI moving above the 50 mark, suggests improving momentum. However, the ADX remains in a neutral-to-weak zone, indicating that a strong trend is still developing. On the upside, sustaining above 23840 could open the path toward 24415 in the near term, with potential short-covering moves extending to the 24000–24160 range. On the downside, strong support in the 23800–23500 zone is expected to limit sharp declines. Overall, the bias remains cautiously optimistic, with a buy-on-dips strategy and stock-specific approach preferred.
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