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Nifty

Nifty opened the week on a strong note with a breakaway gap above 25000 and has since traded within the 25000–24850 band while holding above its 50-DEMA support at 24820, reflecting stability as price action aligns closer with short-term averages moving upwards towards the same. The rebound from 24340 last week and a close above the prior weekly high confirmed a double-bottom breakout, supported by a bullish crossover of short-term averages near 24600, which now acts as a firm base for the August series’ final leg. Momentum indicators also signal strength, with the weekly RSI moving above 50 after a six-week decline and the daily RSI breaking past its downward trendline to sustain above 50. The falling wedge breakout reinforces the trend reversal, with the 24775–24820 zone (20 & 50 DEMA cluster) serving as a key support, while 25000 remains the immediate resistance owing to heavy Call OI. A decisive move above 25000 could trigger short covering towards 25200–25500, while dips towards 24750 present opportunities to add longs with a protective weekly close stop-loss at 24600.

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