Nifty Holds 24,400 Support, Signals Potential Reversal - Tradebulls Securities Pvt Ltd
Nifty
Nifty has slipped below the 24400-support intraday for two consecutive sessions, but managed to recover and close above it, maintaining its consolidation within the 24400–24600 zone. Successive narrow-range candles indicate contracting volatility, while the formation of another Bullish Hammer provides an early signal of potential reversal, subject to 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 acting as 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 remaining the key risk-management level. Traders should focus on stock-specific opportunities and selectively accumulate on dips while 24000 holds. Fresh longs may be considered only after a sustained breakout above 24620, targeting 25100. Until confirmation emerges, patience and disciplined risk management remain advisable.
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