Nifty Consolidates Near 24,500–24,600 - Tradebulls Securities Pvt Ltd
Nifty
Nifty continues to consolidate around the 24500–24600 zone, forming an Inside Bar candlestick pattern that reflects a period of range-bound activity. A decisive move above 24600 could trigger momentum towards the 24800–24950 region. The index continues to hold above its 5 DEMA at 24520, indicating gradual but progressive strength. The earlier breakout above the crucial 24420 zone remains intact, with this level now acting as immediate support for momentum traders. Momentum indicators remain constructive, with daily and weekly RSI holding above 50, while ADX is rebounding from an extreme low, signalling the potential for a fresh directional momentum phase. Sustained strength above 24500, followed by a breakout above 24620, would strengthen the bullish setup and open the way towards the 24950–25000 zone. On the downside, a break below 24400 could trigger a corrective pullback towards 24100–24000, with 24000 serving as the key near-term risk-management level. Traders may continue focusing on stock-specific opportunities and selectively add to long positions while 24000 holds, with a preference for buying on dips rather than chasing sharp upmoves.
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