Nifty hits 24420 resistance, dips toward 24100 support - Tradebulls Securities Pvt Ltd
Nifty
Nifty faced its first meaningful resistance near the gap zone around 24420, triggering a pullback towards the 5-DEMA support at 24100. On the indicators front, the daily RSI remains stable above 50, reflecting underlying strength, while ADX continues to trend below 25, indicating lack of strong momentum and suggesting a phase of consolidation in the near term. Going ahead, a decisive close above the 24500 CE OI cluster will be crucial to reignite momentum. Such a move can potentially push the index towards the next resistance band of 24750–25000. A sustained breakout above this zone may attract fresh long positions and accelerate the ongoing uptrend. On the downside, the broader trend remains positive, and any correction is likely to find support near the 23730 zone (20-DEMA). Immediate support is placed at 24000, and a breach below this level could lead to short-term weakness. From a macro perspective, the sustainability of the rally will depend heavily on crude oil prices. A sustained decline below $88 per barrel would act as a key tailwind for equities. However, current challenges such as elevated crude prices (above $90), a firm USD/INR, continued FII outflows, and geopolitical uncertainties are capping upside momentum. Despite near-term volatility, the broader structure remains constructive as long as Nifty holds above 22950 during the current series.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
.jpg)