Nifty Consolidates Near 24,600, Breakout Could Trigger Fresh Rally - Tradebulls Securities Pvt Ltd
Nifty
Nifty continues to consolidate around the 24500–24600 zone, forming successive ‘Inside Bar’ patterns that indicate range contraction and the possibility of a breakout in either direction. A decisive move above 24600, followed by a sustained breakout above 24620, could trigger momentum towards 24800-25100. The index continues to hold above its 5 DEMA at 24520, while the earlier breakout above 24420 remains intact and now acts as immediate support. Momentum indicators remain constructive, with daily and weekly RSI above 50 and ADX rebounding from an extreme low, signaling the potential for a fresh directional move. On the downside, a break below 24400 could trigger a corrective move towards 24100-24000, with 24000 as the key risk-management level. Prefer stock-specific opportunities and selective buying on dips while 24000 holds. Fresh momentum longs can be considered on a sustained breakout above 24620 for a rally towards 25100 zone.
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