Nifty50 index is fluctuating between 24,160 and 24,400, which is a very small range - Tradebulls Securities Pvt Ltd
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Nifty
Nifty50 index is fluctuating between 24,160 and 24,400, which is a very small range. Around the 24,160 mark, the "Inside Bar" candlestick pattern has just emerged, indicating a possible end to the declining trend and an eventual rise that might be driven on by a big short-covering rally in the early November series. However, we would want a distinct closing basis breakout over 24,460 in order to resume an upward climb. The market appears to be gaining traction at the moment. The bullish crossover between the neutral ADX and the RSI suggests a potential change. This opinion is corroborated by options data, which indicates that as November goes on, the trading range may shortly go from 24,000– 24,500 up to 25,000. Activity was less volatile close to the 24,300 resistance level on the final day of the October expiry. The solid support around 24,000 and the 24,300 level may act as a safety net if the Nifty breaks over 24,500 and holds, providing a nice starting place for earlyseries buying chances in the 24,000–24,500 zone.
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