Nifty Breaks 50 DEMA, Signals Renewed Weakness - Tradebulls Securities Pvt Ltd
Nifty
Nifty breached its critical 50 DEMA support near 24200 intraday and failed to recover, eventually closing around 24150, signalling renewed weakness. The recent Bullish Hammer reversal signal has also failed to gain confirmation, while successive narrow-range candles indicate continued volatility compression. The index remains below its 20 DEMA at 24350, making an early recovery above this level crucial to arrest further weakness. Failure to reclaim 24350 could extend the decline towards the 24040 gap-support zone, where the weekly 0–2 trendline also rests. Momentum remains subdued, suggesting that the corrective move could remain gradual rather than sharply directional. A sustained move above 24420 is now essential to revive the bullish trend, while a decisive breakout above 24620 would strengthen the setup further. Traders should focus on stock-specific opportunities and selectively accumulate on dips while 24000 holds. Fresh aggressive longs may be considered only after a sustained breakout above 24620, targeting 25100. Until such confirmation emerges, patience and disciplined risk management remain advisable.
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