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Nifty

Nifty concluded the week on a strong note, sustaining above its 5 DEMA and 5 WEMA, reflecting improving near-term strength. The index is now approaching the crucial 24420 breakout zone, while the 23800–24000 region has emerged as a strong near-term base and 24400 remains the key resistance. Momentum indicators have turned constructive, with both daily and weekly RSI holding above 50, while the ADX is rebounding from an extreme low, indicating the potential for a fresh directional momentum phase. A sustained move above 24250 would reinforce the recovery and increase the probability of a decisive breakout above 24420, potentially opening the way towards 25000. On the downside, a slippage below 24100 could expose Nifty to the 23700 trendline support, which now serves as the key near-term stop-loss zone. Traders should continue focusing on stockspecific opportunities and consider fresh longs on a sustained move above 24250–24420. Investors may continue staggered accumulation of fundamentally strong stocks, while deploying fresh capital more aggressively following a confirmed breakout above 24420.

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