Nifty 50: Bullish Momentum Builds — What to Expect on Monday
The chart reveals a breakout from recent consolidation, with a string of green candles confirming strong bullish momentum. The index has now approached a critical resistance zone, previously acting as a supply area. Despite that, the lack of selling pressure in the last few sessions hints at underlying strength.
Key Technical Observations:
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Strong Recovery: The index has rallied sharply from sub-23,000 levels, signaling strong buying interest.
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Resistance Test: Nifty is now near a previous high zone (~24,400–24,500), where a breakout could trigger a new leg up.
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Volume Confirmation (if available): If volumes have supported this rally, it further strengthens the bullish bias.
Market Outlook for Monday:
If the current momentum sustains, the Nifty 50 could attempt a breakout above 24,400, which may open the door to 24,800+ levels in the short term. However, traders should be cautious of potential profit-booking around resistance. If weakness emerges, the first support to watch will be around 24,000, followed by 23,800.
Conclusion:
All eyes will be on how the index behaves near the resistance on Monday. A gap-up or strong opening above 24,400 could turn the tide further in favor of bulls. However, failure to break above could lead to sideways movement or mild correction.