Nifty again failed to display sustained strength despite breaking above the crucial 24500 resistance - Tradebulls Securities Pvt Ltd
Nifty
Nifty again failed to display sustained strength despite breaking above the crucial 24500 resistance. Yesterday it formed an ‘Inside Bar’ consolidation bar with a close above its 5 DEMA support. A breach below 24340 could lead to a pullback within the expected oscillating range of 24200-24500. On the technical front, the daily RSI continues to trend higher around 60, reflecting underlying strength in the market, while the ADX remains below 25, indicating lack of strong momentum and hinting at a phase of consolidation in the near term. Going forward, holding above the 24500 call OI cluster will be essential to revive bullish momentum. If sustained, the index may gradually move towards the 24750– 25000 resistance zone, where a decisive breakout could attract fresh long positions and accelerate the uptrend. On the downside, immediate support is placed at 24200, followed by a stronger base near 23800, which aligns with the 20-DEMA. A break below 24200 may trigger shortterm weakness towards 24000. Despite intermittent volatility, the broader trend remains constructive as long as Nifty holds above 22950, although factors like elevated crude prices, firm USD/INR, FII outflows, and geopolitical risks may cap upside
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
.jpg)
