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Nifty

Nifty staged a strong comeback in yesterday’s session as it not only reclaimed its 5-DEMA support at 24640 but also made an attempt to cross the 20-DEMA hurdle at 24740, with the daily RSI registering a bullish crossover, signaling the possibility of further strength. The September series has begun on a constructive note, with the index rebounding sharply from its base at 24340 and reclaiming the 20-DEMA at 24730—early signs of stability after the recent corrective phase. Adding weight to the reversal thesis, an Inverse Hammer has appeared on the daily chart right at the 88.6% retracement support of the 24344–25154 move, hinting at the likelihood of a bullish turnaround. From a price-action perspective, a sustained close above 24500 has already triggered short-covering, while a followthrough above 24740 would confirm momentum building towards higher zones. The GST Council’s landmark reform announcement further strengthens sentiment and may provide the necessary thrust for Nifty to conquer its 50-DEMA resistance at 24800, potentially unlocking an extended rally towards the key hurdle zone of 25220. On the downside, 24500 remains the pivotal make-or-break level; any breach here would negate the reversal setup and could drag the index back into a corrective mode. Broadly, the 24500–24760 zone appears well positioned as a breakout band, and a decisive move here could ignite the long-awaited directional up move.

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