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Nifty

The index recorded a robust recovery from its 20 DEMA support zone at 24200 after a brief corrective phase, reaffirming the base. The impulse wave characteristics associated with the rebound to its life high zone are accompanied by a fresh breakout on the ADX indicator above the 25 level. A swift move towards the 25065 level is shown by the price confirmation, and this might continue the rally till 25475 (the rounded bottom pattern target). The August series' options base appears solid at 24000, and the upside potential stretches to 25500. The event volatility is decreasing as the India VIX is progressively moving down to around 10. Even the 24500 base appears to be well established for a breakaway advance towards 25000 during this week. Momentum investors need to keep adding long positions until the weekly closing basis level of 23990 holds, and traders need to follow the 24395 base while building new long positions.

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