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Nifty

Nifty reversed its earlier weakness with a strong recovery, defending its previous swing low support at 24340 and closing above the prior swing high resistance zone of 24585. This move breaks the recent lower-high, lower-low sequence within the ‘Falling Wedge’ formation and hints at a potential trend shift. The RSI has confirmed a bullish crossover, signaling that momentum is turning positive and the uptrend could resume towards 24860–25050. For the near term, a decisive move above the 24630 zone would strengthen bullish conviction and favor a long-only approach. India VIX continues to hover around the 12 mark, and a sudden volatility spike alongside an improving OI PCR could further encourage bargain hunting. While the broader setup suggests a possible breakout, traders should remain alert until the index sustains above key resistance, adopting strict risk controls in the interim.

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