Nifty Consolidates Below 24500

After showing a sustainable bounce from the lows on Friday, Nifty shifted into a consolidation movement on Monday and closed the day higher by 11 points. After opening on a weak note, the market moved up in the early to mid-part of the session. It was not able to surpass the hurdle of 24450-24500 levels and slipped into weakness from the highs towards the end.

A small candle was formed on the daily chart with minor upper and lower shadow. Technically this market action signals a consolidation movement and this reflects presence of crucial hurdle of like previous opening down gap of 9th March. The bullish higher highs and lows is intact on the daily chart and any consolidation or dip could be a buy on dips opportunity around higher lows in the near term.

The immediate support is placed at 24100 levels and the key overhead resistance to be watched at 24500 levels.