Nifty Faces Resistance at 23,540 - Tradebulls Securities Pvt Ltd
Nifty
Nifty continues to trend below its 5-DEMA, which now acts as immediate pullback resistance around 23540, followed by the 23630 gap resistance. A sustained reclaim of these levels would be essential to revive hopes of a meaningful rebound. The Nifty PCR at 0.85 indicates an oversold condition, offering scope for a technical rebound if key resistance levels are reclaimed. However, the index continues to exhibit near-term weakness after closing below the crucial 23550 zone, keeping the short-term trend under pressure. For the week, 23800 remains the major resistance, while a decisive move above this level could define the next bullish leg and pave the way towards the 24040–24050 50-DEMA zone, where a sustained breakout would provide a major trigger for an impulse-based reversal. On the downside, the 23290–23000 zone remains the key support area to watch for exhaustion. In the near term, 23630 is the immediate resistance, while options data indicate 23700 as a potential short-covering trigger, which could push Nifty towards 23800–24000. A sustained break below 23290 could extend the decline towards 23000 or lower. Until Nifty decisively reclaims 24050, traders should favour stock-specific opportunities with disciplined risk management.
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