Technically, the 23,250–23,300 zone continues to act as the immediate resistance band, followed by 23,450, which marks the previous breakdown level and remains a crucial hurdle for any meaningful recovery. A sustained move above these levels would be required to improve near-term sentiment and signal a potential shift in market structure.
On the downside, 23,100 remains the first line of support for the index. A breakdown below this level could trigger fresh selling pressure towards the 23,000 psychological mark. Further weakness may drag the index towards the 22,800–22,850 support zone, where stronger buying interest and accumulation activity are expected to emerge.
Momentum indicators continue to reflect a weak undertone, with the daily RSI hovering around 39, remaining below the neutral 50 mark. While this supports the prevailing bearish bias, the index is gradually approaching oversold territory, increasing the possibility of intermittent short-covering rallies and temporary pullbacks.
Overall, the short-term trend remains negative. Unless Nifty decisively reclaims and sustains above the 23,300–23,450 resistance zone, the broader market structure is likely to remain under pressure with sellers maintaining the advantage.
View by: Hariprasad K, research analyst and founder, Livelong Wealth.
