Nifty near critical support; next sessions key for trend - Tradebulls Securities Pvt Ltd
Nifty
Nifty is currently trading near a critical support cluster, making the next few sessions crucial for trend confirmation. On the daily chart, the 50-DEMA at 24930, along with Fibonacci retracements at 24920 and 24800, and the 5-month EMA at 24680, form a strong support zone. A sustained hold above 24,930 could trigger a rebound, while a breakdown may lead to a deeper fall toward the 20-week EMA near 24540. Momentum indicators are weakening, with the RSI dipping below 50 and the ADX at 23, suggesting a lack of strength in the current trend. Options data shows resistance at 25200 and weak support at 24900, hinting at vulnerability toward 24500–24530, which aligns with the 50-week EMA. Despite short-term weakness, the broader uptrend remains intact as long as 24930 holds. A breakout above 25550 is essential for trend revival. Until then, a buy-on-dips strategy remains appropriate.
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