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Nifty

Nifty has approached the crucial 23,000 mark with strong price action, making its ability to sustain above this psychological threshold critical for the continuation of the recovery. Derivatives positioning reflects improving near-term sentiment, with Call unwinding and fresh Put writing indicating a strengthening support base. Maximum Put OI is concentrated at 22500, while significant Put positioning around 22800 provides an additional support reference. On the upside, Call OI concentration at 23000 and 23300 highlights key resistance zones for the coming sessions. Daily RSI near 50 and the sharp bullish candle indicate improving momentum, although a sustained sequence of higher highs and higher lows is required to confirm a broader trend reversal. The bias remains cautiously bullish above 22900, with a sustained breakout above 23040 potentially opening the way towards 23320 (50 DEMA). Conversely, a failure to hold 22800 could trigger consolidation or a pullback. Traders should maintain disciplined position sizing, adhere to predefined stop-losses and avoid chasing the rally after the sharp upmove.

SEBI Registration number is INH000000081.

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