Is Nifty ready for 25000?

Nifty has been able to sustain above 24500. 6th December was a totally sideways market. The market is facing resistance at 24800 and this was the earlier support that was broken. This same level is coinciding with the golden ratio Fibonacci levels. There is a good chance that the price might fall from here. However, 24300 is the immediate support and I am not interested in any short position below 24300. A bullish scenario might occur if the prices stagnate near this level and then if there is a small fall and a quick recovery above 25200. If the prices go above 25200 the index is very bullish and might touch the all tie high. For short trades, the trade would be below 24300. But before that, we want the prices to consolidate, taking 24300 as a support. When the prices start rejecting this level on intraday first half with good liquidity sweep or U shaped breakdown, we can take a short trade with prices going as low as 23300.

Nifty 2 hour chart and important levels

Nifty 2 hour chart and Fibonacci levels

Recent updates like the CRR reduction in banks and expectation of CPI cooling off might act as a tail wind for the index. However, we should not assume anything and wait for the levels to be tested and then take a trade.