IGI Logo

Nifty

Nifty is in a consolidation phase, with the 20-day EMA at 23,500 acting as pivotal resistance. A close above this level may spark fresh buying, while failure to reclaim it could sustain selling pressure. Weak trend indicators suggest rallies may face resistance, making 23,500 a critical hurdle. On the downside, 23,000 and 22,800 serve as key support levels, with breaches potentially dragging the index lower. Options OI highlights heavy call writing at 23,500 and 23,800, underscoring significant resistance. Sectoral divergence persists, with defensives showing strength and cyclicals remaining weak. Traders should focus on stocks near support levels while avoiding breakdowns. Amid earnings season and macroeconomic shifts, a balanced portfolio with long and short positions is prudent. Reacting to price action near key levels can help navigate ongoing volatility.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838