Nifty Holds 50 DEMA Support at 24,200 - Tradebulls Securities Pvt Ltd
Nifty
Nifty tested its 50 DEMA support near 24200 intraday but recovered to close above it, despite three consecutive declining sessions. Successive narrow-range candles indicate contracting volatility, while the recent Bullish Hammer offers an early reversal signal, subject to confirmation. A sustained move above 24420 could revive momentum towards 24600–24800. However, the index remains below its 20 DEMA at 24350, making an early recovery above this level important to prevent further weakness towards the 24200–24000 support zone, where the weekly 0–2 trendline also rests. Momentum remains subdued, with daily and weekly RSI above 50, while ADX is rebounding from its extreme zone. A decisive move below 24,100 would increase downside risk towards 24000, which remains 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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