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Nifty

Nifty revisited its immediate support zone at 22,800 and displayed resilience by rebounding to close the session around 22,950. Despite this effort, the index failed to register a close above its 5 DEMA level of 23,040. The declining 5 DEMA has continued to act as a supply zone for the past six sessions. A bearish crossover on short-term moving averages has shifted resistance lower, from 23,610 to 23,410. The daily RSI has dipped below 40, while the ADX is trending higher at 28, signaling caution for long positions. The index now faces immediate resistance at 23,100-23,240 for this week, which must be decisively breached to resume a meaningful pullback or relief rally. Until then, expect range-bound movement with a negative bias within the 23,300-22,400 zone for the rest of the series. A stronger trend confirmation is essential before shifting the outlook. A sell-on-rise strategy remains favorable, with options data indicating firm resistance at 23,300 (earlier 23,500) and key support at 22,800 and 22,500. Long positions should only be considered if Nifty sustains above 23,560. Investors should closely monitor earnings outcomes and identify opportunities in oversold stocks.

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