Nifty is expected to remain under pressure in the near term following a weak start to the truncated trading week - Tradebulls Securities Pvt Ltd
Nifty
Nifty is expected to remain under pressure in the near term following a weak start to the truncated trading week. The index slipped towards its 20 DEMA support at 22930 amid broad-based selling, although it managed to close above the 5 DEMA at 22880. The bearish candlestick formation and daily RSI below 50 indicate weakening momentum and a cautious market undertone. On the downside, 22800 remains the crucial support level and a decisive breach could trigger further selling pressure. On the upside, 23180 is the immediate resistance, while a sustained move above 23350 (50 DEMA) would be required to strengthen the bullish outlook and create room for a meaningful recovery. Until Nifty decisively reclaims the 23180–23350 resistance zone, the near-term bias is likely to remain cautious to bearish. Traders should focus on selective opportunities, avoid aggressive dip-buying, and maintain disciplined position sizing with strict stop-losses. Overnight exposure should also be managed carefully amid the prevailing uncertainty.
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