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2025-05-02 10:40:33 am | Source: Tradebulls Securities Pvt Ltd
The index is showing signs of strength near the key hurdle of 24445 - Tradebulls Securities Pvt Ltd
The index is showing signs of strength near the key hurdle of 24445  - Tradebulls Securities Pvt Ltd

Nifty

The index is showing signs of strength near the key hurdle of 24445, with multiple narrow-range candles indicating a potential breakout. The consolidation within 24250–24450 appears mature, setting up for a directional move. The broader trend remains positive with a higher-top, higher-bottom structure and the index trading above its 5-DEMA, now at 24200. The key support has shifted higher from 22900 to 23400, backed by a bullish moving average crossover zone near the same. As long as the index holds above 23400, the uptrend remains intact. A breakout above 24445 could lead to a swift move towards 25180 which may be a combined effort of NiftyBank & Nifty IT constituents. Traders should hold long positions, trailing stop-loss to 23930. The RSI, below its peak of 71.65, suggests more upside potential, while an ADX above 30 confirms trend strength but hints at maturity. A drop below 23,930 may indicate short-term fatigue, while a breakout above 24445 could reignite bullish momentum.

 

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