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Nifty

Nifty sustained its strong uptrend, maintaining a higher-top higher-bottom structure for the 7th straight session while holding firmly above its 5-DEMA at 24960. The crossover of short-term averages near 24775 along with the 50-day EMA at 24820 has built a strong trading base, further strengthened by the rebound from 24340 and a confirmed double-bottom breakout supported by a falling wedge pattern. Momentum indicators are aligned with the trend, as the weekly RSI has crossed above 50 after six weeks of decline and the daily RSI has broken its downtrend line to sustain above the mid-line. The 24775–24820 cluster now serves as key support, while resistance lies at 25300–25500 where heavy Call OI is concentrated. A sustained move above 25000 could fuel short covering towards 25420–25500, and any dip near 24900 may be considered a buying opportunity with a weekly close stop-loss at 24800, keeping the overall trend intact for the August series.

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SEBI Registration number is INZ000171838