Nifty Extends Gains Above 5 WEMA - Tradebulls Securities Pvt Ltd
Nifty
Nifty is now trading in close proximity to the 24420 breakout zone, with the index sustaining above its 5 DEMA and closing above its 5 WEMA for the second consecutive session, signalling improving near-term strength. The recent price action suggests that the 23800–24000 zone has emerged as a strong near-term base. Momentum indicators continue to turn constructive. The daily RSI is holding above the 50 mark, while the ADX is rebounding from an extreme low, indicating strengthening trend momentum. A sustained move above 24250 reinforces the ongoing recovery and increases the probability of a breakout above 24420, which could unlock the next leg of the rally and strengthen the broader market structure. On the downside, any slippage below 24100 may expose the index to the 23,800 support zone. Strategy: Traders should continue focusing on stock-specific opportunities and consider fresh long positions on a sustained move above the 24250–24420 zone. Investors may continue staggered accumulation of fundamentally strong stocks while deploying fresh capital more aggressively once Nifty confirms a decisive breakout above 24420.
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