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Nifty

Nifty extended its decline for a second consecutive session but managed to close above its 20 DEMA near 22800 after recovering from an intraday low of 22650. The index continues to struggle to sustain its recovery, with daily RSI remaining below the 50 mark and price trading below key short-term moving averages, indicating subdued momentum. Derivatives positioning reinforces the cautious outlook, with the overall Put-Call Ratio near 0.78 and fresh Call writing at 23000, highlighting significant overhead resistance. 22800 zone remains the immediate make-or-break support; holding above it could trigger a relief rebound towards 23000–23100. However, a sustained move above 23180 is necessary to strengthen the recovery, while 23300 remains the broader bullish trigger. Conversely, a decisive breakdown below 22650 could accelerate selling towards 22300 during the final leg of the October series. Traders should avoid aggressive dip-buying, prioritise capital preservation and maintain disciplined position sizing and stop-losses, particularly while managing overnight risk.

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