Nifty Consolidation Phase Nears Breakout - Tradebulls Securities Pvt Ltd
Nifty
Consecutive ‘Inside Bar’ candlestick formations on the daily chart indicate that Nifty's consolidation phase is gradually maturing. The index has continued to hold above the 24000 mark, reflecting resilience at lower levels, while 24200 has emerged as an immediate resistance. For a meaningful turnaround, Nifty needs to reclaim the 24350 gap zone, followed by 24420. A sustained move above these levels would reaffirm 24000 as a strong support while preserving the broader market structure above the crucial 23800 base. Momentum indicators remain neutral and do not yet signal a decisive directional bias, suggesting that further consolidation is essential before a sustainable recovery can unfold. On the downside, a decisive close below 23800 would weaken the broader technical structure and increase the risk of an extended 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 confirms a decisive breakout above key resistance or establishes a strong base, signalling the return of bullish momentum.
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