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Nifty Chart

Nifty is attempting to regain strength by sustaining near its 200-DEMA zone of 23,630. While a firm base reversal is yet to be established, the latest price action resembles a ‘Bullish Three Method’ candlestick reversal pattern. The pattern base on the daily scale is positioned at 23,440, making it an ideal stop-loss zone for the continuation of the up move, which could propel the index beyond 24,060 toward 24,210. The daily RSI has shown early signs of trend strength, but the weekly RSI is yet to surpass the 50-zone, which will be closely monitored for stronger trend confirmation. With key domestic events now behind us, traders can shift focus toward momentum-based opportunities in individual stocks as long as 23,440 holds. Positions can be topped up once the index trends above 24,060. Investors should closely track earnings outcomes and consider fresh additions in beaten-down stocks from their portfolios. For the week, we advise retaining momentum longs and reviewing them once the index enters the 24,060–24,210 resistance cluster.

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