IGI Logo

Nifty Chart

Nifty slipped below 23,300 but defended 23,000 on closing, signaling persistent selling pressure with some support at lower levels. Resistance has now shifted lower from 23,610 to 23,410, with a decisive move above 23,560 needed for bullish momentum. A bearish crossover in short-term moving averages, RSI below 50, and ADX nearing 25 indicate caution. The weekly RSI remains below 50, delaying trend confirmation. Options data suggests strong resistance at 23,500, while key support lies at 22,800-22,500. Traders should adopt a sellon-rise strategy unless Nifty reclaims 23,560. A break below 23,000 may push levels toward 22,800-22,500, while holding 23,000 could lead to sideways movement. Long positions should be initiated only above 23,560, with targets around 23,800-23,900. Investors should focus on earnings-driven stock selection, accumulating quality beaten-down stocks in banking, IT, and auto, while defensive plays like pharma and FMCG may offer stability. Until a trend reversal is confirmed, caution remains key, with selling pressure dominating near resistance levels.

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

SEBI Registration number is INZ000171838