Nifty Holds 23300 Support; Eyes Decisive Close Above 23500 - Tradebulls Securities Pvt Ltd
Nifty
Nifty continues to show resilience, consistently holding the crucial 23300 support zone, where multiple reversal patterns, including a bullish Hammer & Inverse Hammer, have emerged. While the rebound has been gradual, there is an immediate requirement if a firm close above 23500 to confirm underlying buying interest to support the formation of a solid base within the 23300–24000 range. The RSI remains below 40, suggesting scope for further downside, while the ADX above 32 reflects strengthening trend intensity on the bearish side, potentially setting up a more directional move ahead. In the near term, 23500 and 23650 remain immediate resistance levels. A sustained move above these could pave the way towards 23800, a key level aligned with the 50 DEMA. A decisive close above this zone would significantly improve sentiment and strengthen the bullish outlook. On the downside, the 23150–23100 zone remains a strong support area, supported by a prior gap and key retracement levels, making it an attractive accumulation zone. Overall, the structure remains constructive, favouring a cautiously optimistic outlook with a focus on disciplined, level-based participation until the index remains ranged within 23000-24000 zone.
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