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Nifty

After trending below its 5 DEMA for 15 consecutive sessions, accompanied by oversold readings on its trend strength indicators, the index displayed a sign of relief. The index registered a decisive close above its 5 DEMA level of 22,260, reaffirming the commencement of the pullback move. The daily RSI also registered a positive crossover near its oversold zone, while the ADX has stabilized, indicating waning momentum in the ongoing downtrend. Immediate resistance to surpass is a critical level around 22,520, which coincides with the RunAway Gap. A sustained pullback would provide an early signal to consider fresh portfolio allocations, potentially paving the way for a renewed bull trend. Traders are advised to remain in line with the changing momentum, as the index is showing strong reversal signals for a likely rally towards 23,040 in the coming weeks. In case of a rebound, a SELL on RISE strategy should be avoided, as the market may be on the verge of a turnaround.

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