Nifty recovered from its recent sharp sell-off and closed above the 24000 psychological mark for the second consecutive session - Tradebulls Securities Pvt Ltd
Nifty
Nifty recovered from its recent sharp sell-off and closed above the 24000 psychological mark for the second consecutive session. However, after opening on a positive note, the index slipped back toward the 24000 zone and formed a narrow-ranged candle, indicating lack of strong buying conviction at higher levels. Earlier in the week, the index declined toward 23700, where it formed a Bullish Hammer, though a firm confirmatory close is still awaited for its activation. The presence of multiple unfilled gaps on the chart remains a concern and could act as near-term resistance during pullbacks. The immediate hurdle is placed near the 5-DEMA at 24430. A decisive close above this level may help stabilize the current downtrend and signal the development of a short-term support range. On the indicator front, RSI has rebounded from its oversold zone, while ADX near 39 suggests that the prevailing trend remains strong. Options data indicates a 23500–24500 range, with 24000 acting as the key pivot. Fresh long positions should be considered only on confirmation, with a closing stop-loss below 23800, while maintaining strict risk management. Long and short opportunities may be considered on an intraday basis depending on price action near key levels.
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