Profit booking emerged near the critical 23,800 resistance zone as Nifty struggled to sustain higher levels - Tradebulls Securities Pvt Ltd
Nifty Chart
Profit booking emerged near the critical 23,800 resistance zone as Nifty struggled to sustain higher levels. However, the index continues to hold above its 20 DEMA support at 23,380, reinforcing short-term bullish strength. Notably, a decisive breakout above the 200 DEMA hurdle at 23,630 in a single move signals strong trend momentum. Market focus now shifts to the RBI MPC meeting (Feb 5-7), where a widely expected 25 bps rate cut (6.5% to 6.25%) could shape sentiment. Investors will keenly watch new RBI Governor Sanjay Malhotra’s commentary on liquidity and future policy direction. For the event-heavy week ahead, key support levels remain at 23,380 and 23,260, while a sustained move above this range could fuel further upside. Traders should adopt a stock-specific approach, capitalizing on longshort opportunities while closely monitoring price action at key levels. Maintaining a balanced stance, staying cautious around major support and resistance levels, and avoiding breakdown candidates will be crucial in navigating market volatility.
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