Nifty started strong, bouncing from 24340 and closing above 24585 - Tradebulls Securities Pvt Ltd
Nifty
Nifty commenced this week on a strong note, rebounding from its previous swing low support at 24340 and closing above the prior swing high resistance at 24585, though it couldn’t secure a consecutive close above that mark. This move breaks the recent lower-high, lowerlow pattern within the Falling Wedge, hinting at a potential trend shift. The RSI bullish crossover signals improving momentum, with upside targets at 24860–25050.In the latest session, Nifty finally managed a close above the 24,600 threshold, also closing above its 5 DEMA support for the second time this week. Fresh option writing support for the day looks firm at 24500, followed by 25300, while the upside remains capped at 24,800 for now, as Call OI concentration remains substantially high at that strike for the week. India VIX remains near 12; a sudden spike in volatility alongside a stronger OI PCR could trigger bargain hunting opportunities across sectors. While the broader setup favors a breakout, traders should wait for sustained trade above resistance and maintain strict risk controls.
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