IGI Logo

Nifty

Nifty continues to consolidate in a narrow range of 25200–24700 with no signs of exhaustion or reversal. The index has managed to close above its 5-week EMA (24840) for six consecutive weeks, indicating underlying strength. However, the anticipated ‘Rising Three’ bullish continuation pattern remains unconfirmed, as Nifty is yet to post a decisive weekly close above the key 25180 hurdle. On the daily scale, a recent breakout above narrow-ranged candles with unwinding above the 25000 mark offers some hope for bullish continuation. The broader trend remains intact as long as Nifty holds above the 24700-support base. Options data reflects strong put writing in the 24700– 24500 zone, reinforcing it as a crucial floor. A follow-through move above 25200 could trigger a rally towards the 25500–25630 zone. Technical indicators also point to a potential breakout, with the daily RSI crossing above 50 and a flat ADX suggesting an impending directional move. However, geopolitical tensions in the Middle East and Brent crude’s sustained rise above $80/bbl remain key overhangs and could limit near-term upside. Until a clear breakout above 25180 is achieved, the index is likely to remain in consolidation mode, with stock-specific action taking center stage.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838