IGI Logo

Nifty

Nifty showcased notable resilience last week by consistently holding above the crucial 23300 support zone, where multiple reversal patterns such as bullish hammer, inverse hammer, and doji formations emerged. Although the rebound was gradual, the index managed to close the week above 23500 hurdle, indicating strengthening buying interest and formation of an elevated base within the 23000–24000 range. It did display a ‘Piercing Line’ formation on its weekly scale indicating strong buying interest emerging near the support zone. While ADX above 32 suggests limited trend strength as the -DI value remains above its 25 mark. But RSI on the other hand is moving above 50 level points toward a potential directional shift. Indicator setup favours pullbacks to remain ideal to deploy fresh longs on decline upto 23520. Immediate resistance stands at 23800 (50 DEMA); a sustained breakout could lead to 24000 and 24420 (50 WEMA) as well in the coming weeks. On the downside, 23150–23100 remains a critical support zone below which accumulation could be avoided, keeping the outlook cautiously optimistic within the 23000–24000 range.

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

SEBI Registration number is INZ000171838