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Nifty

Nifty extended its relief rally toward the immediate hurdle near its 20-day EMA at 23,320. The ongoing consolidation phase keeps this level as a critical resistance; a decisive close above it could spark fresh buying, while failure to reclaim it may push the index back below 23,000. Weak trend indicators suggest that rallies will likely face resistance near 23,300, reinforced by heavy call writing at 23,300 and 23,500. On the downside, key support zones lie between 23,000-22,800, with additional cushioning at 22,500. Sectoral divergence persists, with defensive stocks showing resilience while cyclicals remain under pressure. Given the earnings season and macroeconomic shifts, traders should adopt a balanced stance—focusing on stocks near support levels and avoiding breakdown candidates. Monitoring price action at key levels will be crucial for navigating ongoing volatility.

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