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Nifty

The Nifty surged past the psychological mark of 24,000, recording a remarkable 446-point gain—the largest single-day rally in six weeks. This move helped the index reclaim key short-term moving averages, including its 20 DEMA, and close the gap resistance at 24,150. With a 766-point rebound from this week's low, the momentum signals the potential for an extended rally toward 24,500. However, some consolidation cannot be ruled out before the index embarks on the next leg beyond 25,150 on immediate basis. Immediate resistance lies in the 24,200–24,350 zone, followed by targets at 24,500 and 24,850, while support levels are now placed at 24,000 and 23,750. Options data suggests a near-term trading range shift to 24,000–25,000, with 24,500 emerging as a critical pivot for sustaining momentum. Traders are advised to maintain long positions with a stop below 23,600, aligning with the 78.6% retracement support of its prior impulse.

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