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NIfty

After 9 sessions of consolidation, the index has delivered a decisive breakout above the 23840 zone, signalling the start of fresh directional momentum for the June series. This move is supported by a bullish crossover in the 5 & 20 DEMA, along with the daily RSI moving above the 50-mark indicating improving strength. The index closed near the key 24000 CE OI cluster, reinforcing bullish undertones. Technically, while RSI suggests strengthening momentum, ADX remains in a neutral-to-negative zone, implying that a strong trend confirmation is still evolving. A sustained hold above 23840 opens the path toward 24415 in the near term. On the downside, strong support is placed in the 23800–23500 range, limiting the probability of a sharp breakdown below 23500. Intraday price action continues to reflect a cautiously optimistic bias, with potential short-covering moves toward 24000– 24160. The expected expiry range stands at 23900–24100. Overall, a gradual shift toward the 24000–24500 zone appears likely. A buy-on-dips strategy with a stock-specific approach remains the preferred stance.

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