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Indian benchmark indices showed strong performance, with the Nifty closing above 24,350. At the close, the Sensex rose by 819.69 points, or 1.04%, to reach 79,705.91, while the Nifty climbed by 250.50 points, or 1.04%, to settle at 24,367.50.
On the daily chart, the Nifty formed a Doji candlestick pattern below the 20-day EMA, indicating that the index is still trading within a range. The index sustained above the 24,300 level and finally settled at 24,367.50. If the Nifty manages to sustain above the 24,400 and 24,430 levels, it could potentially rise further to 24,700 and 24,800, signaling a range breakout. Conversely, if the price closes below the 24,300 level, a further correction is likely. On the downside, 24,200 and 24,000 are crucial support levels.
The Relative Strength Index (RSI) is at 50, signaling a potential bullish reversal. Analysis of Nifty put options reveals significant Open Interest (OI) at the 24,000 level, suggesting potential support there. On the call side, notable Ol concentrations are observed at the 24,800 and 25,000 levels.
Traders and investors are advised to look for buying opportunities during Nifty dips and to use appropriate stop-loss strategies below the identified support levels.

Nifty Outlook

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