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Nifty 

Nifty is at a critical juncture, with recent formations like the Bullish Hammer and Inside Bar near the 78.6% Fibonacci retracement level at 23,600 suggesting potential for bullish momentum, provided there is a confirmatory close above 24,260. However, the repeated closing near critical support at 23,600 raises the risk of a breakdown if strength isn’t regained above 23,650. While consolidation between 23,800–23,500 is anticipated, sustained movement above this zone could push the index toward 24,260, 24,500, and 24,850. Immediate support lies at 23,600, with a deeper cushion at 23,360, while options data indicates a revised trading range of 23,800–23,300, with 23,500 as a pivotal level for momentum shifts. Traders are advised to exit longs on consecutive closes below 23,600 and re-enter only above 24,000 to confirm bullish momentum. With the results season unfolding, heightened volatility is expected, warranting caution and strict adherence to key levels.

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