Nifty improved sentiment last week, reclaiming 22865 and closing above its 20 DEMA - Tradebulls Securities Pvt Ltd
Nifty
Nifty improved sentiment last week, reclaiming 22865 and closing above its 20 DEMA. The immediate focus is sustaining above 23000, with 23170 (50 DEMA) as the next major hurdle. Support has shifted higher to 22780, followed by 22700, where maximum Put OI is concentrated. Maximum Call OI at 23000 and 23500 indicates overhead supply, although a decisive move above 23000 could trigger short covering. India VIX eased to 15.30, reflecting moderating risk perception. A further decline below 13.80 could signal a sharper contraction towards 11. The strong weekly bullish candle and daily RSI above 50 support improving momentum. However, weekly ADX above 25 warrants caution, suggesting scope for volatile, range-bound trading. The bias shifts to cautiously positive, though trend reversal remains unconfirmed. Sustained buying above 23170 could extend the rebound towards 23450, while a break below 22780 may expose 22700. Traders should remain selective, while investors should favour staggered deployment and disciplined risk management.
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