IGI Logo

Nifty

Nifty continues to consolidate within a well-defined channel, oscillating between 24500 - 25000. Price action remains range-bound, with support firmly established near 24450 and resistance capped at 25180.The index recently rebounded from its 20-day exponential moving average (DEMA), reclaiming the crucial short-term pivot at 24800. Despite mild intraday weakness, there are no decisive signs of a trend reversal— neither in price structure nor momentum indicators. Options data further confirms a tightly packed trading range, with notable open interest build-up around the 24500 support and 25,000 resistance zones. The 24800 level continues to serve as a key pivot in the near term. On the downside, immediate support rests at 24450, coinciding with the 20 DEMA. A sustained close above 24,800 could re-ignite positive momentum, initially targeting the upper boundary of the channel near 25,555, provided the index clears the intermediate hurdle at 25180. A breakout above 25555 could trigger a fresh leg of the rally, aligning with a bullish flag continuation pattern, and open up a medium-term target towards 26555. Until such breakout is confirmed, 25180 remains the key resistance to monitor, while 24500 continues to act as a strong demand zone. Traders looking to initiate long positions may consider doing so with a stop-loss just below 24450, keeping expiry-driven volatility in mind

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

SEBI Registration number is INZ000171838