Nifty Forms Inside Bar, Signals Ongoing Consolidation - Tradebulls Securities Pvt Ltd
Nifty
Nifty index formed another Inside Bar on the daily chart, indicating continued consolidation within the prior session’s range. A decisive close above 24200 is essential to trigger further upside, as this level remains an immediate resistance. On the downside, 23800 serves as a strong support zone, with 24000 acting as the interim pivot. A sustained move above 24310 could lead to a meaningful upside breakout, signalling a potential shift in momentum. Conversely, failure to hold 23800 may extend the decline towards 23500–23150 levels. Momentum indicators continue to reflect a consolidation phase, with the ADX below 25 and RSI trading under 50. At the start of the new derivatives series, positioning data underscores the significance of the 24200–24300 Call OI zone as a key barrier for bullish revival, while support is seen shifting towards 23500. Despite the near-term consolidation, the broader market structure remains constructive above 22950. However, upside may remain capped due to elevated crude oil prices, a firm USD/INR, persistent FII outflows, and ongoing geopolitical tensions in the Middle East, which continue to weigh on market sentiment
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