Nifty’s Key Support at 23,105 Aligns with April Rally Retracement Level - Tradebulls Securities Pvt Ltd
Nifty
Formation of a ‘Bullish Belt Hold’ near the crucial 23300 support has revived expectations of a potential rebound within the ongoing 23300–24000 range, with intermediate resistance placed at 23500 and 23800. While the broader trend remains in a consolidative phase, the index is showing signs of stability near key support zones despite earlier selling pressure. Momentum indicators such as RSI, though below 50, are approaching levels where a reversal attempt could emerge. Immediate support below 23300, is placed near 23105, which coincides with the key retracement level of the April rally from 22182 to 24602. The presence of an unfilled gap near 23150 could act as a strong accumulation zone, attracting fresh buying interest. A sustained move above 23800 during the week could trigger a recovery toward the 24000 mark, which also aligns with the 50 DEMA and remains a key level for a sentiment shift. Although some caution persists, the market’s ability to hold critical supports and the potential for strength in broader segments indicate a constructive undertone. Investors are advised to stay disciplined, focus on quality stocks, and adopt a level-based approach to capitalize on emerging opportunities
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