Nifty Extends Recovery, Holds Above 5-DEMA - Tradebulls Securities Pvt Ltd
Nifty
Nifty has extended its recovery following the formation of an Inside Bar near broadening-pattern support and continues to trade above its 5- DEMA zone, indicating sustained efforts to stabilise. With 23110 emerging as immediate support, a close above 23300 has triggered a potential short-squeeze rally towards 23630–23700 (20-DEMA). Daily RSI continues to rebound from the oversold zone, while a declining ADX suggests that the prevailing downtrend may be losing momentum. A sustained breakout above 23,520 would further strengthen the case for a meaningful trend reversal towards 23700, with 24000 remaining the major monthly hurdle. On the derivatives front, 23500 and 23700 remain key weekly resistance levels based on OI buildup, while a decisive move above the 23400 Call OI cluster could trigger intense short-covering momentum. On the downside, 23,000 remains the key support, while a decisive break below 23100 would invalidate the recent stabilisation pattern and could accelerate the decline towards 22880. Until Nifty decisively reclaims 24050, traders should continue to favour stock-specific opportunities with disciplined risk management.
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimerg
