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Nifty

Nifty has extended its recovery for the fourth consecutive session following the formation of an Inside Bar near broadening-pattern support, indicating sustained efforts to stabilise, with 23110 emerging as immediate support. A close above 23340 has triggered a potential shortsqueeze rally towards 23630–23700 (20-DEMA). Daily RSI continues to rebound from the oversold zone, while ADX has started declining, suggesting that the prevailing downtrend may be losing momentum. A sustained breakout above 23520 would further strengthen the case for a meaningful trend reversal towards 23700, while 24000 remains the major hurdle for the month. On the derivatives front, 23500 and 23700 remain key weekly resistance levels based on OI buildup, while a decisive move above the 23300 Call OI cluster could trigger intense shortcovering momentum. On the downside, 23000 remains the key support, while a decisive break below 23100 would invalidate the recent stabilisation pattern and could accelerate the decline towards 22880. Until Nifty decisively reclaims 24050, traders should continue to favour stock-specific opportunities with disciplined risk management.

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