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Nifty

Nifty began the week on a firm footing, rebounding from the critical 24930 support level and closing near the 25100 mark. The session concluded with the formation of a 'Bullish Harami' candlestick pattern, suggesting a potential trend reversal — pending a confirmatory close above 25180. A sustained move beyond this level, followed by a breakout above 25255, could strengthen bullish momentum as the July series approaches expiry. However, trend indicators have yet to align fully with this price action, signaling caution. Options data highlights the 24900–25200 zone as key, with 25100 acting as a pivotal level for the day. A breakout above the 25100–25200 band, especially amid declining implied volatility, could trigger meaningful short covering. Despite near-term uncertainty, the broader trend remains upward as long as Nifty holds above 24930. That said, a breakout past 25550 is required to resume strong directional momentum. Until such confirmation, a buy-on-dips approach remains suitable for both traders and investors.

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