Nifty faces resistance at 24420, dips to 24180 support zone - Tradebulls Securities Pvt Ltd
Nifty
Nifty witnessed its first meaningful resistance near the gap zone around 24420, leading to a pullback towards the 50 DEMA support at 24180. Going ahead, a decisive close above the 24500 CE OI cluster will be critical to trigger fresh momentum, potentially driving the index towards the next resistance band of 24800–25000. A strong breakout above this zone could invite fresh long additions and accelerate the uptrend. On the downside, as the broader trend remains positive, any corrective move is likely to find support in the 23980–23670 zone (20 DEMA support). Immediate support is placed at 23540—a breach below this level may lead to near-term weakness. That said, the sustainability of the rally will largely hinge on macro factors, particularly crude oil prices. A sustained decline in crude, ideally below $88 per barrel, would act as a key tailwind. Currently, elevated crude prices (above $90), a firm USD/INR, persistent FII outflows, and ongoing geopolitical uncertainties continue to cap upside momentum. Despite near-term volatility, the broader structure remains constructive as long as Nifty holds above 22950 during the current series.
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