Nifty Opens Below 22,800, Bearish Momentum Strengthens Further - Tradebulls Securities Pvt Ltd
Nifty
Nifty began the week with a gap-down opening below the critical 22,800 support, reinforcing the bearish momentum as resistance levels continue to shift lower. The failure to reclaim the 5 DEMA indicates persistent selling pressure, while the daily RSI trending below 30 and a strengthening ADX further confirm the weak undertone. With resistance now lowering from 23,210 to 23,040 and support sliding to 22,400-22,500, the downside risk remains elevated. Option data reinforces this view, with strong resistance at 23,000 and key support at 22,500, increasing the probability of a downward breach. While a decisive move above 23,040 could trigger a relief rally, the overall trend favors a sell-on-rise approach unless Nifty sustains above 23,210. Given the earnings season, a stock-specific strategy focusing on fundamentally strong yet oversold counters may be a prudent approach in this volatile environment.
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