At 12:45, Nifty 50 is trading at 24,557.1, marking a slight increase of 0.06%. The index has been fluctuating between 24,638.8 and 24,522.95 today. Nifty futures are at 24,565.1, down by 0.08%, with a change in open interest of -1.14%, signaling a possible reversal of the bearish trend in the near future.
Technical Analysis The narrow trading range and the decrease in open interest suggest that the bearish momentum might be weakening. If the index sustains above the 24,500 mark, it could lead to a potential upward reversal. However, traders should watch for a breakout above the 24,638.8 level to confirm bullish momentum.
Trading Strategy Traders should consider buying on dips if the index holds above 24,500, with a focus on a potential breakout above 24,638.8. A failure to maintain these levels may indicate further consolidation.
