The 25000 zone remains a crucial support, aligned with the weekly gap support formed earlier in the week - Tradebulls Securities Pvt Ltd
Nifty
Nifty index closed just one point higher yesterday, marking its fifth straight close above the previous day’s level—signaling underlying market strength despite intraday volatility. The 25000 zone remains a crucial support, aligned with the weekly gap support formed earlier in the week. A follow-through close above 25180 early this week could unlock further upside, potentially extending the rally towards the upper end of the channel pattern, which lies between 25555 and 25630. On the flip side, a sustained move below 24700 would indicate a failed breakout and raise the risk of a decline. However, options data suggests a bullish undertone, with unwinding at lower strikes and fresh base formation around 24800 and 25000. A visible shift in open interest towards the 25200–25500 range also reflects rising expectations of further gains. Adding to the optimism, a ‘Rising Three’ candlestick pattern on the weekly chart supports the bullish setup. Traders may consider aggressive long positions above 25180 with a stop-loss below 24650. However, if Nifty struggles to hold above 24800 in the early part of the week, caution is warranted. Holding above key resistance levels remains essential for sustaining the ongoing uptrend.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
