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Nifty

Nifty 50 continues to face selling pressure, struggling to reclaim its 200 DEMA support at 23,540, which also aligns with a key channel pattern support. A sustained breach below 23,500 could extend the decline to 23,200, coinciding with the 50-week EMA. However, a positive RSI divergence hints at weakening bearish momentum, though a reversal is yet to be confirmed. Options data indicates a rangebound outlook between 23,300–23,700, with significant resistance at 24,000. The cooling of India VIX from 19 suggests reduced selling pressure and potential stabilization. In the near term, Nifty is likely to consolidate within the 23,300–24,000 range. Traders can focus on range-bound long-short strategies, activating leveraged longs only above 24,140, while investors can use the correction to accumulate oversold mega-cap stocks with relative strength, positioning for recovery as market conditions improve.

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