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Nifty

Nifty extended its decline for the third consecutive session, closing below its 5 DEMA support but forming a Doji, signaling indecision following sustained selling pressure. The index closed below its 5 DEMA, while the 20 DEMA near 22865 has now become the immediate hurdle. Daily RSI continues to move further below the 50 zone, reflecting deteriorating momentum. Although ADX has declined to 36, indicating easing trend strength, the uptick in negative DI above 26 suggests that sellers retain the directional advantage. 22650 zone offers initial support, followed by 22500. A decisive break down below 22500 could accelerate selling towards 22300 during the final leg of the October series. Conversely, a sustained recovery above 22865 would be required to improve the near-term outlook and open the possibility of a rebound towards 23000. Traders should remain cautious, avoid aggressive dipbuying and prioritize capital preservation with disciplined stop-losses and position sizing. The broader bias remains neutral to bearish until Nifty trades below 23300. A hold near 22500 could trigger a relief rebound during the day, but a decisive break down below 22300 would increase downside risk into the upcoming series as well.

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