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Nifty

The index experienced a brief phase of consolidation, showing no signs of strength deceleration. This consolidation resembles a short-term squeeze, potentially preceding an upward expansion. Trend strength indicators are yet to enter the overbought zone, and importantly, no divergence or weakness is currently visible. A breakout above the 24350-option cluster could act as a trigger for the next leg of momentum, with targets projected at the 25180 cluster for the month. The trading base has now shifted higher to 24000 from 23400, which may now serve as a revised stop level for momentum long positions. However, a dip below 23960 could indicate short-term exhaustion, prompting a more cautious stance in the near term. On the upside, bullish flag pattern projections remain intact, targeting 25180 followed by 25400—provided 23960 holds on a closing basis in the coming weeks. Momentum traders are advised to continue holding long positions while trailing stop-loss levels higher to 23,960 in order to safeguard accrued gains.

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