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Nifty

Index managed to sustain its close above the crucial 23300 support zone, continuing to demonstrate resilience. The formation of a bullish ‘Hammer’ candlestick signals the possibility of a short-term reversal. This comes after the earlier ‘Bullish Belt Hold’ near the same support level, reinforcing expectations of a rebound within the 23300–24000 range. Immediate resistance is placed at 23500, followed by 23800, while the broader trend remains in a consolidation phase. Despite earlier selling pressure, the index is showing signs of stability around key support levels, indicating underlying strength. However, some caution is warranted as momentum indicators remain mixed. The RSI continues to trade below 50, and the ADX moving above 25 suggests strengthening trend intensity, which could favor downside if resistance levels are not reclaimed. A decisive close above 23800 is essential to negate this concern and improve the near-term outlook. On the downside, immediate support is seen at 23300, followed by 23105, which aligns with the retracement of the April rally from 22182 to 24602. Additionally, the unfilled gap near 23150 may act as a strong accumulation zone, potentially attracting fresh buying interest. A sustained move above 23800 could open the path toward 24000, which coincides with the 50 DEMA and remains a critical level for a meaningful shift in sentiment. Overall, while some caution persists, the index’s ability to hold key supports along with improving undertones in the broader market suggests a constructive outlook. Investors are advised to remain disciplined, focus on fundamentally strong stocks, and adopt a level-based approach to capitalize on emerging opportunities

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