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Nifty

The Nifty's decline has brought it closer to its 200 DEMA level, aligning with the ongoing channel pattern support zone, a critical level for assessing near-term direction. The daily RSI shows a positive divergence, suggesting weakening bearish momentum with a two-point alignment, which could help stabilize any immediate downside. However, traders should watch for a third divergence point to confirm a potential reversal. Options data indicates a shift from the 24,000–23,800 range to 23,700–23,400, alongside a lower monthly ceiling at 24,500–24,300, signaling continued bearish sentiment. India VIX has cooled from 19 to 13, suggesting reduced selling pressure; if it revisits 13, it could further improve trading conditions. Given these factors, a balanced long-short strategy may be optimal, as the Nifty is expected to range within 24,300–23,500, with pivotal resistance at 24,000 over the next few sessions

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