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Nifty

Nifty's recent price action highlights a strong support base around the 23,700–23,500 zone, validated by an 'Inside Bar' and a 'Doji' formation near the 200 DEMA. The alignment of its price action near the 78.6% Fibonacci retracement level at 23,605 further underscores resilience in this range. While trend strength indicators remain negative, an exhausting ADX and extreme intraday oversold conditions hint at a potential short-covering-driven 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 manages to defend 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 additional downside. In the near term, markets are expected to consolidate, offering selective sectoral buying opportunities for investors, while traders should remain cautious and manage positions within the defined range. For the day expect the index to retain its ranged action within 23850-24000 to 23600 itself.

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