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Nifty

Nifty extended its gains, holding above the 23500 mark, supported by a Piercing Line formation near gap support, indicating a potential short-term pullback towards the 5-DEMA zone around 23630. However, last week’s recurring lower-gap formations continue to highlight a fragile market structure amid ongoing geopolitical uncertainties. Technically, indicators remain mixed, with ADX trending higher, suggesting underlying trend strength, while RSI is rebounding from oversold levels but lacks strong momentum, indicating the rise is largely driven by short covering. The immediate resistance zone of 23556–23630 may act as a hurdle, while the major resistance for the week stands near 23830. On the downside, support is seen around 22920. Given the weak broader trend, traders should avoid aggressive longs, adopt a range-bound approach, maintain hedges, and keep position sizes light amid elevated volatility driven by global cues.

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