The formation of an Inside Bar candlestick pattern on the daily chart signals the likelihood of near-term consolidation - Tradebulls Securities Pvt Ltd
Nifty
The formation of an Inside Bar candlestick pattern on the daily chart signals the likelihood of near-term consolidation. Despite heightened volatility, Nifty has managed to hold above the 24000 mark, indicating resilience at lower levels. The immediate technical requirement is to reclaim 24350, which is expected to act as the first gap resistance, followed by 24420. A sustained move above these levels would reinforce 24000 as a meaningful support while keeping the broader structure intact above the crucial 23800 base. Momentum indicators remain neutral and do not yet suggest a clear directional bias. A period of consolidation is therefore essential for these indicators to reset before any sustainable recovery can emerge. On the downside, a decisive close below 23800 would weaken the broader market structure and increase the probability of an extended corrective phase. Following the recent breach of the 24000 support zone, the earlier buy-on-dips strategy should remain on hold. Fresh long positions are recommended only after the index confirms a decisive reversal or forms a strong base, signalling the return of bullish momentum
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