Nifty Signals Near-Term Strength - Tradebulls Securities Pvt Ltd
Nifty
After reclaiming its 5 DEMA, Nifty has now closed above its 5 WEMA for the second consecutive session, signalling improving near-term strength. The index is attempting to establish a base within the 23800–24000 zone, while the breakout above 24040 has triggered fresh short covering, improving market sentiment. Momentum indicators are turning constructive. The daily RSI has moved back above the 50 mark, while the ADX is rebounding from an extreme low, indicating strengthening momentum. A sustained move above 24250 could accelerate the recovery towards the 24400-breakout zone, confirming a meaningful revival in bullish momentum. On the downside, any slippage below 23980 may expose the index to the 23500–23450 support zone, whereas a sustained breakout above 24400 would significantly strengthen the broader market structure. Traders may continue focusing on stockspecific opportunities and consider fresh long positions on a sustained move above 24250–24400. Investors should continue staggered accumulation of fundamentally strong stocks while deploying fresh capital more aggressively once the index confirms a decisive breakout above the 24400-resistance zone.
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