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Nifty

Nifty ended the previous week on a subdued note after failing to sustain its gap-up gains and forming a 'Bearish Belt-Hold' candlestick pattern near the crucial 24420 resistance zone. Despite the rejection at higher levels, the broader technical structure remains constructive, as the index continues to trade above its key short-term moving averages, indicating healthy progress in uptrend rather than a reversal as of now. During this week the immediate focus remains on the 24420 hurdle. A decisive closing above this level would confirm a fresh breakout which could attract fresh momentum buying and paving the way for an advance towards 24750, followed by the channel pattern target near 25000. On the downside, the 24000–23980 zone is expected to act as immediate support and can be used as a trailing stop for momentum-based long positions. The major structural support remains at 23800, and only a sustained breach below this level would weaken the prevailing bullish trend and trigger a deeper corrective phase. Overall, improving trend strength indicators, a constructive monthly breakout, and favourable July seasonality continue to support a positive outlook. Hence, the preferred strategy remains buy on dips as long as Nifty sustains above the 24000 support zone.

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