Nifty Extends Winning Streak for Fifth Session - Tradebulls Securities Pvt Ltd
Nifty
Nifty extended its winning streak for the fifth consecutive session, gaining 149.75 points (0.63%) to close at 23,960.60, near the day's high. The index also moved above its 200-day EMA for the first time since August, reinforcing the improving technical structure. Momentum indicators continue to remain constructive, with the daily RSI at 68.55 and ADX rising above 30, indicating strengthening trend momentum. Importantly, RSI remains below the conventional overbought zone, leaving room for further upside if buying interest sustains. The immediate hurdle is placed in the 24,000–24,200 zone. A sustained breakout above 24,000 could extend the rally towards 24,200, while a decisive move beyond this band would strengthen the next leg of the uptrend. The 5 DEMA near 23,520 has emerged as immediate support. Holding this level will be important to sustain the current momentum, while a deeper correction could bring the recent breakout zone into focus. The near-term bias remains positive, supported by improving price structure and strong trend indicators. Traders may continue to favour selective long positions on intraday dips, with 23,520 as the immediate trailing support reference. Avoid chasing sharp advances near the 24,000–24,200 resistance band and maintain disciplined stop-losses.
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