Nifty closed at 81% of Wednesday's range after recovering from an early dip to 23,969, signaling controlled accumulation, but the 24,108 intraday high now becomes the first test bulls must clear to sustain momentum.
Bulls closed Thursday nominally green but surrendered nearly 80% of the intraday range, leaving 24,186.50 as the only level that matters — a reclaim opens upside, a rejection confirms distribution.
Bulls printed 24,220 intraday but could not hold it, closing at just 30% of range — reclaim and sustain 24,220 on Thursday to confirm intent, or the session was distribution.
Sellers dominated Tuesday's close, leaving Nifty pinned near session lows at 24,035; today's directional conviction hinges on whether 24,023 holds or breaks with volume.
Nifty held 24,000 on Monday but rejected the highs convincingly; the 24,000 floor is the only level that matters today, and a clean break below it shifts the bias decisively short.