Nifty struggles at 24420 resistance, holds 200-DEMA 24200 - Tradebulls Securities Pvt Ltd
Nifty
Nifty is still struggling to break past the resistance zone around 24420, and even in the latest session it failed to clear this level, forming a narrow-bodied candle while managing to hold above its 200-DEMA support near 24200. On the indicators front, the daily RSI continues to stay above 50, indicating underlying strength, while ADX remains below 25, signaling weak momentum and pointing toward a consolidation phase in the near term. Going ahead, a decisive close above the 24500 call OI cluster will be crucial to revive bullish momentum. If this level is sustained, the index can potentially move towards the next resistance zone of 24750–25000. A strong breakout above this band could attract fresh long positions and accelerate the uptrend. On the downside, the overall trend remains positive, and any dips are likely to find support near the 23800 zone, which aligns with the 20-DEMA. Immediate support is placed at 24200, and a break below this level may trigger short-term weakness towards 24000.Despite near-term volatility, the broader market structure remains constructive as long as Nifty holds above the 22950 level during the current series. However, factors such as elevated crude prices above $90, a firm USD/INR, ongoing FII outflows, and geopolitical uncertainties are currently limiting upside momentum.
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