Nifty Reclaims 22,865, Strengthens Recovery - Tradebulls Securities Pvt Ltd
Nifty
Nifty witnessed a meaningful improvement in sentiment, reclaiming 22865 and closing above its 20 DEMA, thereby strengthening the recovery. The immediate focus shifts to sustaining above 23000, with 23170 (50 DEMA) as the next major hurdle. Technically support has moved higher to 22780, followed by 22700, where maximum Put OI is concentrated. On the Call side, maximum OI at 23000, followed by 23500, indicates overhead supply with confident writing in 23400 strike as well. India VIX declined nearly 7% to 15.12, signalling easing near-term risk perception. Yesterdays strong bullish candle and RSI moving above 50 (50.85) support improving momentum. However, ADX remains above 25, indicating persistent bearish trend strength; the divergence between these indicators warrants caution and suggests scope for volatile, range-bound price action. The recovery has gained credibility, shifting the bias to cautiously positive, but a confirmed trend reversal is still awaited. Sustained buying above 23000 could extend the rebound towards 23170, while a break below 22780 may expose 22700 or even lower levels. Traders should participate selectively, while investors may continue staggered deployment with disciplined risk management. Key range for the day is placed within 22780–23170.
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