Nifty closed above the 20-day SMA after bouncing back from the 50-DMA on the daily chart. Notably, while the 20-day SMA was declining, the 50-DMA continued to rise, defining the current price structure as a dip. The RSI has reversed from the oversold territory of 30 to reach the neutral zone of 52, while the ADX is now above 20, indicating that the momentum in the current trend is picking up.
