IGI Logo

Nifty

The index started the week with a sharp decline, breaching the 200 DEMA with a downward gap. Selling pressure intensified as it moved lower toward the anticipated 20 DEMA support at 23,070. Options data indicates firm resistance at 23,350, followed by 23,500, while significant put OI concentration at 22,000 suggests strong support, especially if the index slips below 23,000. A decisive move above 23,800 is necessary to reignite the uptrend, but traders should exercise caution when initiating long positions. With no major reversal signals yet, dips below 23,070 could present opportunities to accumulate fresh longs post the global event. Key support zones are placed at 22,940, 22,580, and 22,350, where a potential reversal may emerge. A breach of 23,000 would create a strong demand zone for fresh long positions. Until a directional breakout occurs, traders should embrace volatility and maintain a balanced long-short ratio while the index oscillates within the 23,800–23,000 range

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838