"Nifty 50 Compression Zone: Breakout Setup Between 24,300–24,700

The Nifty 50 is currently consolidating within a well-defined range of 24,300 (support) to 24,700 (resistance). This compression zone is backed by strong Open Interest clustering on both Call and Put sides, suggesting a potential breakout setup. My idea focuses on visualizing this range with floating entry labels, CE/PE overlays, and mutually exclusive signal logic to guide intraday decisions.

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🔍 Technical Setup

| Parameter | Value / Observation |
|----------------------|------------------------------------------------|
| Support Zone | 24,300–24,400 |
| Resistance Zone | 24,700–24,740 |
| Daily RSI | Positive crossover, holding above 50 |
| Candlestick Signal | Inverted hammer + long upper shadows |
| OI Clustering | Highest Call & Put OI at 24,500 |
| EMA Structure | Price hovering near 10-day and 50-day EMA |




Bullish Breakout Plan
- Trigger: Sustained close above 24,740
- Target Zones: 24,900 → 25,200
- Entry Label: Floating CE overlay with momentum confirmation
- Stop-loss: Below 24,480

🔸 Bearish Breakdown Plan
- Trigger: Breach below 24,300
- Target Zones: 24,100 → 23,950
- Entry Label: PE overlay with RSI divergence confirmation
- Stop-loss: Above 24,450