30-09-2024 09:49 AM | Source: Tradebulls Securities Pvt Ltd
The index can only navigate the 26272-caution zone successfully if momentum is maintained until 25960 holds - Tradebulls Securities Pvt Ltd

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Nifty

Nifty's consistent rise to the anticipated level of 26,272 is impressive, especially considering its 12-day streak above the 5 DEMA (currently at 25,960), which underscores the ongoing bullish momentum. The ADX expanding beyond 44 further solidifies this trend's strength, indicating a continued upward trajectory. Strong support levels are visible around 26,000, aligned with options data that suggests 25,800 as a secondary cushion. If Nifty manages to hold above the critical 26,300 OI cluster in the early stages of this series, the index could potentially rally further toward the 27,000 level. Only if the index closes below 25820 on a weekly closing basis would a trend shift be predicted. For the past 21 weeks, the index has been able to keep its price action above its 5 WEMA support. The index can only navigate the 26272-caution zone successfully if momentum is maintained until 25960 holds. Buying dips is still a prudent strategy unless there are evident signs of a reversal formation on its weekly scale.

 

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