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Nifty Chart

Nifty weakness persisted as it slipped below the 23,200 support but managed to close above 23,000. A bearish crossover on short-term averages has shifted resistance lower from 23,610 to 23,410. The daily RSI has dipped below 50, while the ADX is nearing 25, signaling caution for long positions. The index now faces immediate resistance at 23,300-23,410, which must be decisively breached to resume a bullish trend. Until then, expect a range-bound movement with a negative bias within the 23,400-22,400 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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