Bullish Outlook for Nifty: Key Levels to Watch
"In the last trading session, Nifty broke through a significant resistance level at 24472, hinting at a positive momentum shift. Currently, there is a substantial Open Interest (OI) of 45 lakh at 24500, which solidifies this level as a new support. With the market holding firm above 24550 and OI beginning to accumulate at 24600, we might be gearing up for a strong push towards the 24700-24800 range. However, traders should be cautious: a dip below 24472, especially if Nifty falls under 24450, would negate our bullish thesis, making long positions less attractive. This analysis is supported by the attached screenshot showing the latest OI and price action dynamics. Join me in monitoring these pivotal developments as we prepare for Monday's session."
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