Nifty paused briefly but held above 5-DEMA of 25400 for 5th straight session - Tradebulls Securities Pvt Ltd
Nifty
Nifty witnessed a brief pause in momentum in yesterday’s session but successfully maintained its close above the 5-day exponential moving average (5-DEMA) of 25400 for the fifth consecutive session. This level continues to act as a crucial near-term support. A sustained breach below 25400 could lead to a phase of consolidation, whereas a breakout above 25,730 may reinitiate fresh directional momentum. Options data for the week suggests firm support in the 25500–25200 zone, with potential on the upside extending toward 26000. The index’s broader trend remains bullish as long as the weekly support at 25030 is respected on a closing basis. In the short term, minor resistance is expected in the 25,730–25,800 zone. A move toward 26,000 remains likely in the early part of the July series. A notable rise in the daily ADX above 25 indicates strengthening directional momentum. This is further validated by positive readings in momentum indicators and a bullish crossover in shortterm moving averages. For traders strategy remains intact to Continue to hold momentum long positions as long as Nifty sustains above 25030 on a weekly closing basis. The review zone remains at 26555. Investors can look to accumulate on dips, targeting the longer-term bullish flag breakout projection of 27255.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
