IGI Logo

Nifty

With recent talks failing to yield results, the Strait of Hormuz remains under contention, which may bring back volatility in global markets, particularly in energy prices. Brent crude oil sustaining above the $90 mark continues to warrant caution, while a sustained breakdown below $88 could improve sentiment and support a risk-on move in equities. Last week’s steady recovery and the sustenance of price action above its 20 DEMA support reflect encouraging resilience amid ongoing volatility. The trend structure on the intraday timeframe remains aligned with bullish characteristics. Technically, the 23500–23515 zone (20 DEMA) is expected to act as a key support for the truncated week, while the 24200 zone (50 DEMA) remains a crucial resistance zone. During this truncated week, traders should closely monitor activity around the 24000 CE OI cluster, as a build-up or unwinding here could help uncover the next either side move. So far, a breach above 24200 would eventually lead the index towards the gap resistance near 24415. However, macroeconomic factors continue to weigh on sentiment. Elevated USD/INR, firm crude prices above $90, persistent FII outflows, and ongoing geopolitical tensions may keep any pullbacks vulnerable. Traders are advised to remain cautious in the 24230–24420 zone, consider profit booking at higher levels, and look for re-entry opportunities on dips. The broader structure remains constructive as long as the index sustains above the 22630 marks during the current series

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

SEBI Registration number is INZ000171838