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Nifty

Nifty extended its decline, maintaining a lower-high, lower-low sequence within a ‘Falling Wedge’ formation. Support holds near 24300, with upside capped at 24560 for now. Without reversal signals, the index could slip towards 24100–24000 — a potential harmonic pattern reversal zone. A sustained break above 24560 on consecutive sessions would confirm a trend shift. Technically, ADX has spiked to 51, suggesting exhaustion, while RSI remains aligned with price weakness, indicating no momentum recovery yet. Options data points to firm bounds at 24500–24000 for the week. India VIX is steady near 12, but a sudden volatility spike with improving OI PCR may trigger bargain hunting. Until a clear breakout occurs, a cautious, balanced long-short approach with strict risk controls remains advisable.

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