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Nifty

Early indications of strength are shown by the development of a "Bullish Harami" reversal candlestick pattern near the crucial 24,760 support zone. As anticipated, the 60-minute chart's positive divergence between PRICE and RSI has produced a robust, assured rally that has sent the index back above the 25,000 level. The larger bullish trend would resume with a firm closure over the 50 DEMA level of 25,050, paving the way for a possible short-term surge towards 25,400. With the ADX maintaining at 39 and the RSI rising at 42, trend indicators are still neutral and show a balanced setting. If the index stays above 25,000, options data indicates a probable short-covering rally, with the support base elevated to 25,800. The recent decline may be coming to an end, according to early indications of a possible trend reversal; however, further evidence is required to support this theory. Until the index registers a close above 25,080, momentum traders may want to think about a b alanced approach that includes both long and short bets. The demand zone that stretches upto 24,500 from the current juncture provides investors with a chance to progressively build up long positions in preparation of resumption of the secular bullish trend.

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