Nifty continued to drift lower towards the major trendline support zone near 23550 - Tradebulls Securities Pvt Ltd
Nifty
Nifty continued to drift lower towards the major trendline support zone near 23550. The index remains below its 5-DEMA, which now acts as immediate intraday resistance, followed by 23910; a sustained reclaim of this level would be essential to revive hopes of a meaningful rebound. On the 15-minute chart, RSI is showing positive divergence, while the Nifty Put-Call Ratio (PCR) stands at 0.69, indicating an oversold condition. Together, these signals suggest scope for a technical rebound, particularly if key resistance levels are reclaimed. However, the index continues to exhibit near-term weakness after slipping below its 50-DEMA at 24180.The ongoing decline could witness some exhaustion around the 23550–23500 zone, making this an important support area. In the near term, 23740 has emerged as the immediate intraday resistance, followed by 23910, while 24150 remains the major resistance for the broader reversal setup. A decisive move above 23740 could trigger short covering towards 23900 or higher, while a sustained breakout above 24150 would strengthen the reversal case. Until Nifty decisively reclaims the key resistance levels, the index remains in the bear grip, and traders should continue to favour stock-specific opportunities with disciplined risk management, as broader markets continue to outperform.
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