The recent ``Bullish Harami`` pattern effect will only come into play once the index registers a close above the level of 25140 - Tradebulls Securities Pvt Ltd
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Nifty
Nifty scaled higher towards 25200 & retained its close above its 50 DEMA support level of 25040 but failed to register a close above the crucial mark of 25140. The recent "Bullish Harami" pattern effect will only come into play once the index registers a close above the level of 25140. The fact that the index is holding above 25,000 is an early but important sign of strength, and the RSI bullish cross over on its daily chart would add further conviction to the case for a possible directional momentum play. However, since confirmation is still lacking, maintaining a mix of long and short positions to hedge risk makes sense, particularly for momentum traders. Breakout above the key resistance at 25,140 should push the index immediately towards its 20 DEMA level of 25273 which is an important breakout zone for directional momentum to gain further confidence. For long-term investors, the demand zone from 25000 up to 24,500 provides an attractive entry point for building positions if the bullish scenario strengthens. It's clear that the market is at a crossroads, and prudence would prove healthy for further signals before fully committing to a directional trade.
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