Nifty Holds 24,400 Amid Ongoing Consolidation - Tradebulls Securities Pvt Ltd
Nifty
Nifty slipped below the 24400 support intraday but recovered to close above it, retaining its ongoing consolidation within the 24400–24600 zone. Successive narrow-range candles indicate contracting volatility, while yesterday’s Bullish Hammer formation offers an early signal of potential reversal, subject to price confirmation. A sustained move above 24600, followed by a breakout above 24620, could trigger fresh momentum towards 24800–25100. The index continues to hold above its 5 DEMA at 24520, with 24420 remaining an immediate support. Daily and weekly RSI above 50, along with ADX rebounding from an extreme low, keeps the momentum setup constructive. However, a decisive breach below 24400 could expose Nifty to 24100–24000, with 24000 as the key risk-management level. Traders should focus on stock-specific opportunities and accumulate selectively on dips while 24000 holds. Fresh longs may be considered only after a sustained breakout above 24620, targeting the 25100 zone. Until then, patience and disciplined risk management remain advisable.
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