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Nifty

Occurrence of an Inside Bar candlestick pattern on the daily chart indicates the possibility of near-term consolidation, which could eventually pave the way for a fresh up move. Despite heightened volatility, Nifty has managed to hold above the 24000 mark, reflecting resilience at lower levels. The immediate technical requirement is for the index to reclaim the 24350 level, which is expected to act as the first gap resistance, followed by 24420. A sustained move above these levels would help restore confidence in the 24000 zone as a meaningful support, well above the critical structural base of 23800. From a technical perspective, momentum indicators currently do not indicate any meaningful directional bias and are likely to evolve in line with the unfolding price action. A phase of consolidation is therefore essential to allow these indicators to recalibrate before any meaningful recovery can materialize. On the downside, a follow-through close below 23800 would weaken the broader market structure and could extend the ongoing corrective phase. Given the recent breach of the 24000-support zone, the earlier buy-on-dips strategy should remain on hold. Fresh long positions should be considered only after the index delivers a decisive reversal signal or establishes a strong base, confirming that bullish momentum has been restored.

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