Nifty Holds Bullish Bias Above 23,000 Ahead of Weekly Expiry - Tradebulls Securities Pvt Ltd
Nifty
Nifty enters the weekly expiry session with a constructive bias after rebounding strongly from its 200-week moving average and reclaiming 23000. Daily momentum has improved, although the rising weekly ADX and RSI below 50 indicate that a broader trend reversal remains unconfirmed. 23320 is the immediate resistance level, with a sustained breakout above 23350 would potentially open the path towards 23616 (20 WEMA). On the downside, 22950 is the immediate support for maintaining the recovery bias, while 22800 remains the crucial downside threshold for the week. Derivatives data indicates substantial Put OI at 22500, followed by 22700, while Call OI is concentrated at 23000 and 23100 confirm the same as stiff resistance zone. India VIX near 14 signals relatively contained volatility, though geopolitical developments, earnings and expiry-related positioning may trigger intraday swings. Traders to prefer buying on confirmed dips while Nifty sustains above 22850. Consider fresh directional longs only above 23350, while a decisive break below 22800 warrants caution. With markets closed on 20 October, traders should maintain disciplined position sizing and manage overnight risk.
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimerg
