Nifty Opens Strong, Holds Above 24,500 - Tradebulls Securities Pvt Ltd
Nifty
Nifty commenced the week on a strong note, opening with a sharp gap above 24500 and sustaining the gains to close near the 24600 OI cluster. A decisive move above this zone could trigger further momentum towards the 24800–24950 region. The index has successfully surpassed the crucial 24420 breakout zone, which now acts as an immediate support for momentum traders. Momentum indicators remain constructive, with daily and weekly RSI holding above 50, while the ADX is rebounding from an extreme low, signalling the potential for a fresh directional momentum phase. Sustained strength above 24500, followed by a breakout above 24620, would strengthen the bullish setup and open the way towards the 24950–25000 zone. On the downside, a break below the 24400 gap support could trigger a corrective pullback towards 24100–24000, with 24000 serving as the key near-term risk-management level. Traders can continue to focus on stock-specific opportunities and selectively add to long positions while 24000 holds, with a preference for buying on dips rather than chasing sharp upmoves.
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