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Nifty

Nifty continues to trend below its 5-DEMA, which now acts as immediate intraday resistance, followed by the 23685 gap resistance. A sustained reclaim of this level would be essential to revive hopes of a meaningful rebound. The Nifty Put-Call Ratio (PCR) stands at 0.85, indicating an oversold market condition, which could provide scope for a technical rebound if key resistance levels are reclaimed. However, the index continues to exhibit near-term weakness after closing below the crucial 23550 zone, keeping the short-term trend under pressure. For the week, 23800 remains the major resistance, and a decisive move above this level would provide the first meaningful sign of a reversal. The recent breakdown has pushed the index lower towards the 23290–23000 support zone, making this the key area to watch for exhaustion. In the near term, 23685 remains the immediate crucial resistance, while a decisive move above 23700 could trigger short-covering pressure and push Nifty towards the 23800–24000 zone. On the downside, a sustained break below 23290 could extend the decline towards 23000 or lower. Until Nifty decisively reclaims 24150, traders should continue to favour stockspecific opportunities with a disciplined risk-management approach

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