Nifty Stabilises; 23,116-23,285 Key Range - Tradebulls Securities Pvt Ltd
Nifty
Nifty’s Outside Bar followed by an Inside Bar near broadening-pattern support indicates an attempt to stabilise, with 23116–23285 defining the immediate momentum range. A sustained breakout above this zone, followed by reclaim of 23340 (5-DEMA) and 23520, would revive hopes of a meaningful rebound. With PCR at 0.97 indicating an oversold condition, the setup leaves scope for a technical pullback if key resistances are reclaimed. 23,700 remains the major resistance and potential short-covering trigger, while 23,290–23,000 is the key support zone. A decisive break below 23290 could extend the decline towards 23000–22880. Until Nifty decisively reclaims 24050, traders should favour stock-specific opportunities with disciplined risk management.
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