Nifty Rebounds from 23,800 Support with Bullish Hammer - Tradebulls Securities Pvt Ltd
Nifty
Nifty slipped below the crucial 24000 support yesterday, filling the gap-support zone near 23800, but recovered to close with a Bullish Hammer reversal formation. The index remains confined to a narrow 24000–24200 range and continues to exhibit near-term weakness after slipping below its 50-DEMA at 24180. Moreover, Nifty has moved significantly away from its 5-DEMA at 24050, which could act as a near-term magnet and pull price action back towards this level. However, repeated defence of 24000 at closing, along with consecutive reversal formations awaiting confirmation, has helped contain downside and suggests that consolidation may persist. On the upside, a decisive and sustained move above 24180, followed by 24360, would restore directional momentum and strengthen the bullish structure. On the downside, 24000 remains the key psychological support, and a decisive close below this level could trigger intensified unwinding pressure towards 23,850 or lower. Until Nifty decisively reclaims 24360, traders should continue to favour stock-specific opportunities with disciplined risk management.
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