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Nifty

The index continues to consolidate above its recent breakout zone, establishing a fresh support base in the 24700–24500 range. A sustained move above 24770 during the day is likely to reignite upward momentum. Options data indicates a notable shift in the support base from 24000 to 24500, highlighting increased confidence at higher levels. On the upside, resistance levels have expanded toward 25500, with the broader resistance zone between 25180 and 25630 potentially acting as a near-term hurdle for momentum traders. From a technical standpoint, the recent up move confirms a breakout from a bullish flag pattern, projecting a potential upside target near 26550. However, traders should remain cautious around the aforementioned resistance zone, which could slow the pace of gains. On the indicator front, the ADX reading of 25 signals the early strength of a developing trend, supporting a bullish bias. Momentum traders may look to add long positions on dips, maintaining a trailing stop-loss below 24450 on a closing basis. A breakout above 24770 could unlock immediate upside toward 24900, followed by 25180, while the 24500 support remains intact for now . 

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