Nifty Reclaims 24,000; Sentiment Improves - Tradebulls Securities Pvt Ltd
Nifty
Nifty 50 has witnessed a decisive breakout from a declining channel, supported by a bullish gap near the 23800 zone, which is expected to act as a strong support in the near term. The index has also reclaimed the crucial 24000 mark, indicating improving sentiment and potential for further upside, provided it sustains above this level. Momentum indicators remain supportive, with RSI trending above 60 and DMI strengthening, suggesting a continuation of the positive bias. Immediate resistance is placed around 24400, followed by 24750 in the coming sessions. However, the 24000–24050 zone remains a critical supply area, and sustained trading above this band could trigger short covering, accelerating the up move. On the downside, 23840 (50 DEMA) along with the gap zone near 23900 serves as key support. A breach below this level may weaken the current bullish structure and lead to consolidation. Overall, the outlook remains cautiously optimistic with a buy-on-dips approach even to be deployed during the day, as long as the index holds above the 23900-support zone.
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