Nifty nears end of correction; 50-DEMA support ~25320 holds firm at week close - Tradebulls Securities Pvt Ltd
Nifty
Nifty appears to be nearing the end of its corrective phase, with the 50-DEMA support around 25320 holding firm at week’s close. Timewise, the index is poised to shift into a bullish mode from Thursday. Momentum indicators remain neutral as RSI hovers near 50 and ADX trends lower; indicating the absence of strong reversal cues. However, the appearance of a ‘Spinning Top’ near its 50-DEMA suggests early signs of a turnaround. While a mild dip toward 25050 cannot be ruled out, a close above 25660 would confirm reversal strength. A sustained move below 25000 could extend the correction, delaying the broader uptrend. On the upside, a weekly close above 25650 will be essential to revive bullish momentum. Until then, Nifty is expected to stay fragile and prone to shallow pullbacks. Traders should stay cautious and adopt a buy-on-decline strategy instead of chasing premature breakouts.
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