Nifty`s rebound near 20-DEMA signals reversal, likely turning bullish Thursday - Tradebulls Securities Pvt Ltd
Nifty
Nifty’s recovery and close near the 20-DEMA reinforced early signs of reversal, with the index now poised to turn bullish from Thursday. The index confirmed the end of its corrective phase by closing above the confluence of the 5-DEMA and 20-DEMA, marking a breakout above the key hurdle zone near 25600. Last week’s price action respected the 50-DEMA support at 25320, validated by a 'Bullish Hammer' formation. Momentum indicators remain neutral, with the RSI rebounding from 50 and ADX hovering near the 25 zone, hinting at a potential directional move. A mild dip toward 25550 cannot be ruled out ahead of election exit poll announcements, but a decisive close above 25700 would confirm directional strength and open the path toward 26000. Conversely, sustained trade below 25050 could distort momentum or delay the broader uptrend. For now, Nifty remains prone to shallow pullbacks, offering buying opportunities on declines. A move above 25700–25750 could trigger short covering and strengthen the uptrend toward higher levels.
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