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Nifty

Yesterday’s gap-down opening failed to trigger follow-through selling as the index recalibrated and found support near the 24300 zone. After slipping into the initial oversold territory on the daily RSI, the index attempted a rebound; however, it could not secure a decisive close above the immediate 24500 pivot, keeping upside momentum constrained. On the 30-minute chart, a developing price -RSI bullish divergence is emerging, offering a glimmer of hope for a near-term recovery. Additionally, the formation of a ‘Spinning Top’ candlestick following a sharp decline signals indecision and suggests that bearish momentum may be losing steam. A sustained move above 24500 could pave the way for a pullback towards the 25040 zone. Meanwhile, options data continues to reflect a broader trading band of 24000–25000, with 24500 acting as the key pivot level. However, with the daily ADX still trending higher and no confirmed reversal structure visible on the daily timeframe, caution remains warranted. A long–short trading approach appears prudent. The index is likely to remain range-bound between 24000 and 25000, with 24500 serving as the pivotal zone. Buying near support and selling near resistance within this range remains the preferred short-term strategy.

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