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Nifty Chart

Nifty’s resilience last week helped it maintain a strong close near its 5 DEMA level of 22,460, reinforcing bullish sentiment. The daily chart signals the formation of an ‘Ending Diagonal’ reversal setup, with critical breakout levels at 21,800 and 23,040. A decisive close above the 20 DEMA zone of 22,630-22,710 would confirm the reversal and set the stage for an upside move toward 23,040 in the coming weeks. Such a breakout would also establish a fresh bullish sequence with a firm base at 22,000, strengthening buying conviction. In the near term, Nifty remains within a broad 21,800–23,000 range, offering momentum traders an opportunity to ride the trend with 22,120 as a trailing stop. Options data highlights strong positioning between 22,300 and 22,700, with 22,500 emerging as a key pivot for sustained upside momentum. A breakout above 23,040 would further validate a bullish shift, making it crucial to monitor volume and price action at these levels for strategic entry points. Traders should maintain a buy-on-dips approach while staying alert for a confirmed breakout to capture further upside potential.

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