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Nifty

Nifty remains confined to a narrow 24000–24200 range, continuing to exhibit near-term weakness after slipping below its 50-DEMA at 24180. However, repeated defence of 24000 at close, along with consecutive reversal patterns awaiting confirmation, has helped contain downside and suggests that consolidation may persist. On the upside, a decisive and sustained move above 24370–24420 could restore directional momentum, revive the bullish structure and open the path towards 24740–24950 during the September series. On the downside, 24000 remains the key psychological support; a decisive close below this level could trigger intensified unwinding pressure towards 23850 or lower. The macro backdrop remains cautious, with Brent crude near $91/bbl amid ongoing geopolitical tensions. A sustained decline below $84/bbl would provide meaningful relief to equities. Until Nifty decisively reclaims 24420, traders should favour stock-specific opportunities with disciplined risk management.

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