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Nifty

Nifty opened on a strong footing as the GST Council’s landmark reform announcement triggered a rally past its 50-DEMA resistance at 24800, but the index was unable to hold gains and closed the session flat. Importantly, it managed to retain a close above its 20-DEMA support at 24740, keeping the broader trend intact. On the daily chart, the price action has shaped into a ‘Bearish Belt-Hold’ pattern with immediate resistance placed at 24980. Momentum indicators continue to highlight a phase of consolidation, with the daily RSI hovering around the neutral 50 mark and ADX slipping below 25, signalling weakening trend strength. Multiple average supports are clustered between 24660–24540, further reinforced by strong put open interest at the 24500 strike, making this band a critical demand zone. On the upside, a clear breakout above 25000–25220 would be essential to unlock fresh momentum towards higher levels. Adding weight to the reversal bias, an Inverse Hammer has appeared on the daily timeframe exactly at the 88.6% Fibonacci retracement of the 24344–25154 leg, hinting that despite short-term oscillations within the 25220–24500 band, the September series may unfold with a sustained bullish undertone.

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