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Nifty

An 'Inside Bar' formation near the 200 DEMA support, coupled with an exhausting ADX move, signals a potential reversal near the 23,500– 23,600 support zone. Nifty's close at 23,605, aligning with the 78.6% Fibonacci retracement level, highlights resilience in this range. While trend strength indicators remain negative, extreme intraday oversold conditions hint at a possible short-covering-based rebound. Options data suggests an immediate trading range of 23,500–24,000, with 23,700 acting as a critical trigger for upward momentum. If Nifty defends the 23,560–23,500 support zone, a rebound toward 24,000 is likely within the week. However, a breach below this range could lead to further downside. Markets are expected to consolidate in the near term, with oversold conditions and select sectoral strength offering buying opportunities for investors, while traders should exercise caution and manage positions within the defined range.

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