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Nifty

The formation of an ‘Inside Day’ on the daily chart signals a brief pause within the prevailing trend, ahead of a key global event. The index is currently positioned between two major moving averages—the 200 DEMA at 23,400 and the 20 DEMA at 23,100. A breakdown on lower side could trigger directional momentum, setting the tone for the upcoming week. Options data ahead of expiry indicates strong resistance at 23,350, followed by 23,500, while a break below 23,000 could lead to aggressive unwinding, potentially dragging the index toward 22,500. Traders should exercise caution with long positions, as no major reversal signals have emerged yet. However, dips beyond 23,070 may present buying opportunities post the global event. Key support zones are placed at 22,940, 22,580, and 22,350, where a reversal could be anticipated. A move toward 22,580 would likely create a strong demand zone for fresh long positions. Given the expected volatility, traders should maintain a balanced long-short approach while the index fluctuates within the broader 23,500–23,000 range.

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