The Nifty index posted a sixth consecutive higher close, indicating sustained underlying strength despite intraday volatility - Tradebulls Securities Pvt Ltd
Nifty
The Nifty index posted a sixth consecutive higher close, indicating sustained underlying strength despite intraday volatility. However, on the daily chart, it formed another narrow-ranged candle, reflecting a pause in momentum. The 25000 zone remains a crucial support, backed by the weekly gap support created earlier this week. A follow-through close above 25180 could unlock further upside, potentially propelling the index toward the upper channel resistance placed between 25555 and 25630.Unwinding at lower strikes and fresh base formation around 24800– 25000, with a shift in open interest towards the 25200–25500 range suggests rising expectations of further gains. On the weekly chart, a ‘Rising Three’ candlestick formation further strengthens the bullish setup. This is complemented by a rising ADX on the daily chart, approaching a decisive break above the 25 level, signaling strengthening trend momentum. Traders may consider aggressive long positions above 25180, with a stop-loss below 24650. However, failure to hold 24800 early in the week could trigger caution, and traders should be prepared to reduce long positions. Building aggressive positions above key resistance level of 25180 is essential for the continuation of the uptrend.
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