Nifty Eyes 23,340 Breakout for Rebound - Tradebulls Securities Pvt Ltd
Nifty
Nifty’s Outside Bar followed by an Inside Bar near broadening-pattern support indicates an attempt to stabilise, with 23340 emerging as the immediate trigger for a potential short squeeze. A sustained breakout above 23340, followed by a reclaim of 23520, would revive hopes of a meaningful rebound. The RSI reversal from the 20 zone highlights deeply oversold conditions, leaving scope for a technical pullback if key resistance levels are reclaimed. 23700 remains the major resistance, while a move above 23340 could trigger short covering and improve momentum. On the downside, 23000 remains the key support, while a decisive break below 23100 would invalidate the recent stabilisation pattern and could extend the decline towards 22880. Until Nifty decisively reclaims 24050, traders should favour stock-specific opportunities with disciplined risk management.
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