Nifty Slips Below 50-DEMA, Signals Near-Term Weakness - Tradebulls Securities Pvt Ltd
Nifty
Nifty closed below its 50-DEMA at 24180 after defending the level for three consecutive sessions, signalling near-term weakness. However, the subsequent Inside Bar formation helped negate the bearish setup and suggests a phase of consolidation. On the upside, a decisive and sustained move above 24370–24420 could restore directional confidence, revive the bullish structure and open the path towards 24740–24950 during the September series, which has historically displayed strong bullish tendencies. On the downside, 24000 remains the crucial psychological support. A decisive close below this level could trigger intensified unwinding pressure, dragging Nifty towards 23850 or lower. The macro backdrop remains relatively supportive, with Brent crude near $87/bbl after a volatile week amid evolving Middle East diplomacy and Russia-Ukraine tensions. A sustained decline below $84/bbl could further support equities. Until Nifty reclaims 24420, traders should favour stock-specific opportunities with disciplined risk management.
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