Nifty ended 305 points on Wednesday with the index making an indecisive candlestick pattern on the daily chart as traders await the RBI policy announcement on Thursday, coinciding with the weekly expiry of Nifty derivatives.
The index has been taking support near 24,000 levels and maintaining the 50-DEMA support despite turbulence, resulting in a relief rally.
The short-term trend of Nifty seems to have reversed on the upside. Follow-through upmove is required from here to consider this as a short-term bottom reversal pattern. A decisive move above 24400 levels could pull Nifty towards another resistance of 24700 levels quickly. Immediate support is at 24050 levels, said Nagaraj Shetti of HDFC Securities.
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