Nifty holds 20 DEMA support near 23540 despite weak startc - Tradebulls Securities Pvt Ltd
Nifty
Nifty started the week on a subdued note but showed resilience by holding its 20 DEMA support near 23540. This level remains crucial for the near-term trend. On the upside, the index faces an immediate hurdle at the 50 DEMA placed around 24180, which is gradually aligning with current price action. Beyond this, a cluster of resistances extends up to 24420, coinciding with a significant gap resistance zone. This entire band is likely to act as a strong supply zone. A decisive close above the 24000 CE OI cluster would be a key trigger. Such a move could ignite short-covering, potentially driving the index towards the 24200–24400 range. However, sustainability of any breakout remains dependent on macro factors—especially crude oil prices. A meaningful rally may require crude to soften and sustain below the $88 level. Currently, elevated crude (above $90), along with high USD/INR, persistent FII outflows, and geopolitical concerns, continues to cap upside momentum. On the downside, 23540 (20 DEMA) remains immediate support. A breach could lead to further weakness, though the broader structure stays intact as long as the index holds above 22630 during the current series.
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