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Nifty

After a sharp four-session decline, the index may witness a brief pause or consolidation ahead of expiry. In the previous session, Nifty slipped below the 23500-support cluster but formed a Spinning Top candlestick on the daily chart, indicating indecision near this crucial level. Despite this, momentum indicators continue to reflect weakness. RSI remains subdued around 41, while ADX has started to rebound from its extreme zone and is approaching the 25 mark any sustained move above this could signal strengthening of the ongoing bearish trend. A decisive break down below the 23250-pattern low would likely trigger further downside, dragging the index towards the 23150–23000 gap support zone, which remains the immediate support for the week. In the absence of strong intraday reversal signals, the overall bias is expected to stay negative. Traders should maintain a stock-specific approach and avoid fresh long positions unless a clear daily reversal emerges or the index reclaims levels above 24140 (50 DEMA). Until then, a short bias remains favourable, with a stop-loss placed above 23640 on a closing basis, targeting a move towards the 23150 zone

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