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Nifty

Nifty began the festive week on a strong note, closing near the day's high at 23440 after a significant gap-up opening and sustained buying through the session. The index decisively reclaimed its 50 DEMA near 23170, strengthening the bullish technical setup. The positive crossover of the 5 and 20 DEMA, coupled with a rising daily RSI at 61, indicates improving directional momentum. Bullish Trigger & Upside: Sustained trading above the 23500 Call OI cluster could intensify short covering and open the immediate upside towards 23800–24000. The near-term support base has shifted higher to 23200, while the 50 DEMA near 23170 remains an important secondary support. Sustaining above 23200 will be crucial to preserve the positive momentum; a breakdown could invite profit-booking and a retest of the breakout zone. Maintain a bullish bias and look for selective buying opportunities on intraday dips rather than chasing gap-up moves. A sustained move above 23500 would strengthen the case for the next leg of the rally. Traders should maintain disciplined stop-losses and monitor follow-through buying.

SEBI Registration number is INH000000081.

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