Nifty Consolidates Above 24,000; 24,250 Key Resistance - Tradebulls Securities Pvt Ltd
Yesterday's price action provided the much-needed relief following the previous session's sharp decline. The formation of an Inside Bar candlestick pattern on the daily chart suggests the possibility of near-term consolidation, with the index managing to hold above the 24000 mark despite heightened volatility. The immediate technical requirement is for Nifty to reclaim the 24250 level, which earlier acted as gap support and now serves as the first resistance. A sustained move above this level would help restore confidence and re-establish 24000 as a meaningful support, well above the critical 23800 structural base. From a technical standpoint, momentum indicators have weakened following the recent sell-off. A phase of consolidation is now essential to allow these indicators to recalibrate before any meaningful recovery can unfold. On the downside, a follow-through close below 23800 would weaken the broader market structure and could trigger an extension of the corrective phase. Given the recent breach of the 24000- support zone, the earlier buy-on-dips strategy should remain on hold. Fresh long positions should be considered only after the index delivers a decisive reversal signal or forms a strong base, confirming that bullish momentum has been restored.
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