Nifty Slips Towards 24,000 After Breaking 50-DEMA - Tradebulls Securities Pvt Ltd
Nifty
Nifty continued to exhibit near-term weakness, slipping towards the crucial 24000 support after closing below its 50-DEMA at 24180. However, the index successfully defended 24000 at close, while the earlier Inside Bar formation followed by yesterday’s bullish Hammer has helped negate the bearish setup and suggests a phase of consolidation. On the upside, a decisive and sustained move above 24370–24420 could restore directional confidence, revive the bullish structure and open the path towards 24740–24950 during the September series, which has historically shown strong bullish tendencies. On the downside, 24000 remains the key psychological support; a decisive close below this level could trigger intensified unwinding pressure and drag Nifty towards 23850 or lower. The macro backdrop remains relatively supportive, with Brent crude near $87/bbl amid evolving Middle East diplomacy and Russia-Ukraine tensions. A sustained decline below $84/bbl could provide further relief to equities. Until Nifty decisively reclaims 24420, traders should favour stock-specific opportunities while maintaining disciplined risk management.
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