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Nifty

Nifty formed an Outside Bar candlestick formation near the broadening-pattern support, indicating a potential attempt to stabilise. However, the index continues to trend below its 5-DEMA, which now acts as immediate pullback resistance around 23400, followed by 23600 as the pattern resistance. A sustained reclaim of these levels would be essential to revive hopes of a meaningful rebound. The Nifty PCR at 0.97 indicates an oversold condition, offering scope for a technical rebound if key resistance levels are reclaimed. Nevertheless, the index remains below the crucial 23550 zone, keeping the near-term trend under pressure. For the week, 23800 remains the major resistance. A decisive move above this level could define the next bullish leg and pave the way towards 24040–24050 (50-DEMA), where a sustained breakout would provide a major trigger for an impulse-based reversal. On the downside, 23290–23000 remains the key support zone. A decisive break below 23290 could extend the decline towards 23000 or lower. In the near term, 23700 remains the potential short-covering trigger, which could push Nifty towards 23800–24000. Until Nifty decisively reclaims 24050, traders should favour stock-specific opportunities with disciplined risk management.

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