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Nifty

Nifty displayed notable resilience throughout the session, maintaining its position above the crucial 20-day EMA support zone of 24850. The index has been consolidating within a narrow range of 25200–24700, with yesterday's ‘Inside Bar’ formation further reinforcing the ongoing sideways structure. However, the underlying strength is evident as Nifty has managed to close above its 5-week EMA (24840) for six straight weeks. On the daily chart, a breakout above a cluster of narrow candles and unwinding pressure beyond the 25,000 mark indicates potential for bullish continuation. The broader trend remains intact as long as the index holds above the 24700 base. Derivative data also supports this view, with strong put writing seen in the 25000–24700 zone, establishing it as a solid support band. A follow-through move above 25200 could open the gates for a rally towards the 25500–25630 region. Additionally, technical indicators are aligning with the bullish bias, as the daily RSI has crossed above 50, and a flat ADX points to an impending directional move. On the global front, easing geopolitical tensions after the Israel-Iran ceasefire and a sharp 13% drop in Brent crude prices below $67 per barrel offer further support to the market sentiment.

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