Nifty50 Breaks Declining Channel, Signals Bullish Trend Shift - Tradebull Securities Pvt Ltd
Nifty
Nifty50 has broken out of a declining channel with a bullish gap, indicating a shift in short-term trend. The earlier resistance zone of 23840–23700 has now turned into an immediate support area, reinforced by the RSI moving above 50, signaling improving momentum. Additionally, the Directional Movement Indicator (DMI) has picked up from lower levels, supporting strengthening trend momentum. The channel breakout projects an upside target of 24400 in the coming weeks, though 24000 remains an immediate hurdle. A decisive move above 24000 could trigger short covering, adding further momentum to the upmove.For today’s expiry session, it is crucial for the index to sustain above 23700. On the downside, 23840 (50 DEMA) acts as a key support; a break below this level may weaken the bullish setup and suggests avoiding fresh accumulation. Overall, the outlook remains optimistic, with a bias toward an extended upmove as long as key support levels are held.
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