Nifty Drifts Lower Despite Positive RSI Divergence - Tradebulls Securities Pvt Ltd
Nifty
Nifty continued to drift lower despite the ongoing positive divergence on its daily RSI, which could represent the last window for a potential technical revival. Options data on the final day of the September series reflects extreme pessimism, with Nifty and Bank Nifty OI PCRs around 0.60–0.68. The highest Put OI concentration at 22800 could act as a near-term base, while 23000 remains the key hurdle, backed by the highest Call OI concentration. A confident close above 23000 would provide the first price confirmation for a potential consolidation or technical pullback. Until such a close is witnessed, the price setup remains negative. A sustained move above 23000 could trigger short-covering towards 23240–23300, the immediate pullback resistance zone. Only a sustained reclaim of 23520 would strengthen the possibility of a meaningful rebound. However, the broader trend remains under pressure until Nifty decisively reclaims 24050. Traders should avoid aggressive directional exposure and continue to favour stock-specific opportunities with disciplined risk management, while closely monitoring the 23000 zone for signs of exhaustion or a fresh breakdown.
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