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Nifty

Nifty successfully closed the gap area around 22,520 during yesterday's session, marking a positive development. It also ended the session above its 5 DEMA for the second consecutive day, reinforcing confidence in the ongoing pullback move. The daily RSI is trending higher at 42, while the ADX has stabilized, indicating that the downtrend's momentum is waning. The next immediate resistance to watch is at 22,700, which aligns with the 20 DEMA and the Breakdown Gap formed on 24th February 2025. The sustained nature of this pullback is providing early signals to consider fresh portfolio allocations, potentially laying the foundation for a renewed bull trend targeting 23,000 initially. Traders are advised to align their strategies with the shifting momentum, as the index exhibits strong reversal signals. A rally towards 23,040 appears likely in the coming weeks. Consequently, adopting a SELL on RISE strategy should be avoided, as the market could be on the verge of a significant turnaround.

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