Nifty formed an inside bar on the daily chart today, signaling potential indecision but also hinting at a possible breakout setup - Tradebulls Securities Pvt Ltd
Nifty formed an inside bar on the daily chart today, signaling potential indecision but also hinting at a possible breakout setup. More importantly, it closed back above its 5 DEMA zone of 24800, reclaiming short-term momentum after briefly slipping below it for the first time since last Monday’s breakout. Despite the recent dip, there are still no clear signs of a reversal—neither on the absolute price chart nor via trend strength indicators. The options data continues to suggest a well-defined trading range between 25000 and 24500, with 24800 acting as the pivotal midpoint. On the downside, immediate support is seen around 24410, which coincides with the 20 DEMA. A decisive move above today’s high (the inside bar breakout level) could reignite momentum and potentially set the stage for a rally beyond the 25180-resistance hurdle. The broader structure remains bullish, resembling a flag pattern with a medium-term projection towards 26550. Until a breakout is confirmed, 25180 remains the key trigger for fresh upside, while 24500 continues to be a strong demand zone. Traders looking to go long may consider using a stop-loss just below 24450 to manage risk effectively, especially during expiry volatility.
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