The immediate level to watch is 24920 and 24620, which will serve as a key gauge of ongoing momentum - Tradebulls Securities Pvt Ltd
Nifty
Occurrence of a ‘Ladder Bottom’ candlestick pattern at the current juncture of market volatility is an interesting development, as it signals the possibility of a significant bottom formation. However, this setup stands negated if prices fall below the bottom price of the fifth candle, making it a make-or-break situation for the index. The immediate level to watch is 24920 and 24620, which will serve as a key gauge of ongoing momentum. Traders should maintain stop losses below 24620 while holding long positions for a potential rally that could gain momentum once the index decisively moves above 25000 triggering fresh short squeeze mode. For the week, 25170 acts as key resistance, aligning with options congestion near 25100, followed by 25500 as the next hurdle. On the downside, the highest Put OI at 24000 should be watched for sentiment cues if the index sustains above 24600. Overall, traders should stay hedged and cautious until a decisive move above key moving averages confirms the continuation of a sustained uptrend.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
