Nifty positive start, Inside Bar signals range consolidation by Tradebulls Securities Pvt Ltd
Nifty
Nifty started the truncated week on a positive note, forming an Inside Bar on the daily chart, reflecting consolidation within the previous session’s range. A decisive close above 24200 is crucial for further upside, as it remains a key hurdle for expiry. On the downside, 23800 acts as strong support, with 24000 as the midpoint. The recent breakdown below the prior Inside Bar low, along with a minor gap and a negative crossover of the 5 & 50 DEMA, signals short-term weakness. Immediate resistance is placed at 24310; only a sustained move above this level can indicate a trend reversal. Failure to hold 23,800 may lead to extended weakness towards 23500–23150. Momentum indicators suggest consolidation, with ADX below 25 and RSI under 50. Derivatives data highlights the importance of the 24200–24300 Call OI zone for bullish revival, while support may shift towards 23500. Broader structure remains positive above 22950, though upside may be capped due to high crude prices, firm USD/INR, FII outflows, and ongoing Middle East tensions impacting sentiment.
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