IGI Logo

Nifty

The Nifty continued consolidating above its 5-day exponential moving average (DEMA) support, showing resilience with no signs of exhaustion. The 24,500 level, previously a supply zone and neckline resistance of the Inverse Head & Shoulders pattern, now acts as strong support. Last week's breakout above this level activated an upside target of 25,600. The Relative Strength Index (RSI) is trending upward, signaling strengthening momentum, while the Average Directional Index (ADX) remains positive, with +DI surpassing 32 and ADX above 25, confirming a sustained bullish trend. Options data highlights a trading range of 24,500–25,500, with 25,000 as a pivotal level. Traders should hold leveraged long positions above 24,260 and add above 25,120 on a breakout. Investors are encouraged to accumulate during consolidation phases with a revised stop-loss of 23,600. Supported by robust volumes and strong technical indicators, Nifty’s upward trajectory offers promising opportunities.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838