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Nifty

Nifty continues to show resilience, consistently holding the crucial 23300 support zone, where multiple reversal patterns, including a bullish Hammer, have emerged. While the rebound has been gradual, this sustained defence indicates strong underlying buying interest and supports the formation of a solid base within the 23300–24000 range. Momentum indicators are gradually improving. The RSI remains below 40, suggesting scope for further upside, while the ADX above 32 reflects strengthening trend intensity, 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.

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