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Nifty

Occurrence of an 'Inside Bar' near broadening-pattern support indicates an attempt to stabilize, with 23110 emerging as immediate support and 23340 as the immediate trigger for a potential short-squeeze rally towards 23700 (20-DEMA). Daily RSI is rebounding from the oversold zone, while ADX has started shifting into a declining sequence, suggesting that the prevailing downtrend may be losing momentum. A sustained breakout above 23340, followed by a reclaim of 23520 during the week, would strengthen the case for a meaningful trend reversal towards 23700 initially, while 24000 remains the major hurdle for the month. On the derivatives front, 23500 and 23700 remain key weekly resistance levels, as indicated by the OI buildup, while a decisive move above the 23300 Call OI cluster could trigger intense short-covering momentum. On the downside, 23000 remains the key support, while a decisive break below 23100 would invalidate the recent stabilization pattern and could accelerate the decline towards 22880. Until Nifty decisively reclaims 24050, traders should continue to favor stock-specific opportunities with disciplined risk management.

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