Nifty Forms Spinning Top Near Demand Zone - Tradebulls Securities Pvt Ltd
NIFTY
Nifty once again staged a strong rebound from its 200 DEMA support, successfully defending the 25160 level and closing above the crucial 25385 hurdle. The convergence of the 200 DEMA at 25160 and the weekly 50 WEMA near 24990 has formed a robust demand zone, making this area a high-probability base for an immediate bounce ahead of the key event day. Sustaining above this zone further reinforces its importance as a critical near-term support. The formation of a Spinning Top followed by a Bullish Harami reflects early signs of a potential rebound. Options data complements this setup, with firm put writing around the 25000 strike, while upside remains capped near 25500, indicating a well-defined trading range. On the upside, 25585 continues to be a major resistance, aligning with the earlier Bearish Belt Hold pattern and highlighting persistent supply pressure. A decisive and sustained close above 25585 is essential to confirm a meaningful trend reversal. Structurally, price action near the lower boundary of a Broadening Pattern suggests scope for sharp swings, keeping the overall bias neutral to cautiously optimistic.
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