Nifty continued to display strength by defending the 23900–23800 - Tradebulls Securities Pvt Ltd
Nifty
Nifty continued to display strength by defending the 23900–23800 support zone and extending its recovery with a decisive close above 24140, reinforcing the prevailing bullish momentum. The price action remained constructive throughout the session, leading to an improvement in trend strength indicators and positioning the index for a potential breakout above the crucial 24200 resistance. A sustained move beyond this level could accelerate buying momentum and push the index towards the 24300–24440 zone. On the monthly chart, Nifty is witnessing a breakout from the previous month's consolidation range, signalling the beginning of a fresh directional move, supported by the favourable seasonal trend for July. Historically, July has been a strong month for the index, delivering an average gain of 2.58% over the past five years, with negative returns recorded only in 2019 and 2025. A decisive close above the 24300–24400 cluster would further strengthen the bullish structure and activate the channel pattern target of 24750 during the current series. On the downside, 23800 remains the key support, while 23980 can be used as a trailing stop for momentum longs. As long as Nifty sustains above 24000, the broader technical outlook remains positive, and the preferred strategy continues to be buy on dips.
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