Nifty Consolidates in 23,800–24,200 Range Amid Healthy Pause After Breakout - Tradebulls Securities Pvt Ltd
Nifty
Nifty 50 staged a strong recovery from its immediate gap support zone near 23800, forming a Piercing Line candlestick reversal pattern, which reinforces the strength of the demand area between 23800–23900 and keeps the broader bullish trend intact. The index continues to consolidate within the 23800–24200 range after its recent breakout from a declining channel, indicating a healthy pause rather than a reversal. While momentum indicators have moderated and suggest a neutral near-term bias, the ongoing consolidation near higher levels points towards underlying accumulation. For the bullish momentum to strengthen further, the index needs a decisive closing above the immediate hurdle of 24140, while a sustained breakout above 24200 could attract fresh buying interest and open the path towards 24400–24500 in the near term. On the downside, immediate support is placed at 23800, followed by a stronger support zone between 23750 (20 DEMA) and 23645 (gap support). Any breach below this range may weaken the prevailing trend and result in extended consolidation. Overall, the technical structure remains positive and supports a buy-on-dips approach, as long as Nifty sustains above the key support zone
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