Nifty Consolidates; 24,700-24,800 Cap Upside

The Nifty 50 is expected to consolidate in the short term, with the 24,700-24,800 zone capping upside and 24,500-24,400 providing support, as markets monitor shipping normalisation through the Strait of Hormuz. The index closed 11 points higher on August 6 after range-bound trading, forming a Doji pattern indicating indecisiveness. Broader structure remains bullish, with the index above key moving averages. A breakout on either side will determine the next directional move.