Nifty is expected to consolidate within the 24,800–24,500 range for a day or two before resuming its upward momentum - Tradebulls Securities Pvt Ltd
Nifty
Nifty is expected to consolidate within the 24,800–24,500 range for a day or two before resuming its upward momentum. The index appears well-positioned for a strong move, with an inverse head-and-shoulders pattern on the daily chart projecting a target of 25,640. Sustained consolidation above the critical neckline support at 24,300 has demonstrated resilience, while improving momentum is evident through last week’s RSI crossover above 50 on the weekly scale despite recent volatility. Further reinforcing the bullish undertone, a consecutive weekly close above the 24,500-option cluster and a bullish crossover between the 5-week EMA and 20-week EMA signal the onset of directional momentum. With short positions likely to unwind, Nifty could confidently swing toward 25,125 in the near term, setting the stage for a broader rally as long as key support levels hold.
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