Nifty commenced the week on a positive note but failed to sustain gains, extending its losing streak to the seventh straight session - Tradebulls Securities Pvt Ltd
Nifty
Nifty commenced the week on a positive note but failed to sustain gains, extending its losing streak to the seventh straight session. On the upside, the 50-DEMA at 24930 now acts as the first major hurdle, with option OI concentration indicating a strong supply zone between 25000–24500. A decisive breach below this band could deepen the corrective structure and expose the index to 24200 before any relief base emerges. Derivatives positioning also signals stress, with a low PCR pointing to oversold conditions that may allow short-lived relief rallies, though such moves may not evolve into sustainable trends. For confirmation of a reversal, the index must reclaim 24820 on a closing basis, which could trigger short-covering towards 25000 and 25170. Until then, traders are advised to remain cautious, continue holding hedges against positional longs, and only reduce protection once a firm reversal pattern is established on the weekly scale.
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