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Nifty

Nifty has remained range-bound, oscillating between key averages — with the 20-DEMA at 25,180 acting as resistance, while the 5-DEMA continues to attract buying interest. Since the week began, a rebound from the crucial 24,930 support and a close near 25,100 signals a notable reversal on the daily chart. Even in the latest session, price action stayed within a Bullish Harami formation, maintaining a strong base above 25,000. A sustained move beyond 25,180, followed by a breakout above 25,255, could fuel bullish momentum as the July expiry nears. Still, trend indicators haven't fully confirmed this shift, warranting cautious optimism. Options data points to the 24,900–25,200 zone as a key range, with 25,100 serving as a pivotal intraday level. A breakout above 25,100–25,200 — especially amid falling implied volatility — may trigger shortcovering. While near-term uncertainty persists, the broader trend remains positive above 24,930. However, a decisive move past 25,550 is needed to reestablish strong directional momentum. Until then, a buy-on-dips strategy remains appropriate.

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