Nifty extended its decline, failing to sustain momentum despite an earlier breakout above the key 24500 resistance level - Tradebulls Securities Pvt Ltd
Nifty
Nifty extended its decline, failing to sustain momentum despite an earlier breakout above the key 24500 resistance level. The index slipped below the recent Inside Bar consolidation range, although it continues to hold above its 5-DEMA support. A breach of 24340 has triggered a pullback, keeping the index within the anticipated consolidation band of 23940–24500. On the technical front, the daily RSI is trending higher near the 50 mark, indicating underlying strength. However, the ADX remains below 25, suggesting weak momentum and pointing towards a continued phase of consolidation. Going ahead, sustaining above the 24500 Call OI cluster will be crucial for any revival in bullish momentum. A decisive hold above this level could gradually push the index towards the 24750–25000 resistance zone. On the downside, immediate support is seen at 24200, followed by a stronger base near 24000, which coincides with the 20-DEMA at 23940. A break below 24200 may accelerate weakness towards the 24000 mark. Despite near-term volatility, the broader trend remains constructive as long as Nifty holds above 22950. However, upside could be capped by factors such as elevated crude prices, a firm USD/INR, persistent FII outflows, and ongoing geopolitical uncertainties
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