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Nifty

Nifty continues to consolidate within a well-defined channel, oscillating between 24500 and 25000, with a strong support base near 24500 and resistance capped at 25180. The index recently bounced off its 20-day exponential moving average (DEMA), reclaiming the key short-term pivot at 24800. Despite minor intraday weakness, there are no decisive signs of a trend reversal in either price structure or momentum indicators. Options data supports the view of a tightly packed trading range, with significant open interest at the 24500 support and 25000 resistance levels. A sustained close above 24800 could revive bullish momentum, initially targeting 25180 and subsequently the upper end of the channel near 25555. A breakout above 25555 may confirm a bullish flag continuation pattern, opening up a medium-term target of 26555. Until then, 25180 remains the critical resistance, while 24500 continues to serve as a demand zone where contra long trades can be considered with a stop-loss just below 24450, especially given expiry-driven volatility

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