Nifty breaks 24500 resistance, sustains close, shows strength - Tradebulls Securities Pvt Ltd
Nifty
Nifty has shown encouraging strength by breaking above the crucial 24500 resistance and sustaining its close above this level, signalling a positive shift in sentiment. 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 short-term 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.
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