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Nifty

Nifty ended the December series on a flat note, forming an Inverse Hammer on its Expiry-to-Expiry scale with rollovers at 77.66%. The index continued to consolidate within the 23,500–24,000 range, marked by spinning top candlestick patterns. A strong support base is evident around 23,700–23,500, validated by an Inside Bar and a Doji formation near the 200 DEMA, further reinforced by the 78.6% Fibonacci retracement level at 23,605. While trend strength indicators remain weak, an exhausted ADX and extreme intraday oversold conditions suggest a potential shortcovering-driven rebound. Options data points to an immediate trading range of 23,500–24,000, with 23,700 acting as a critical trigger for upward momentum. If Nifty holds the 23,560–23,500 zone, a rebound toward 24,000 is likely within the week, but a breach below this range could lead to additional downside. In the near term, markets are expected to consolidate, offering selective sectoral opportunities for investors, while traders should stay cautious and manage positions within the defined range.

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