Nifty 50 could not sustain above 23,000 on a closing basis, ending flat but consistently defending 22,800 amid rangebound trading. Bank Nifty performed better than the benchmark Nifty 50, climbing above 49,500. According to experts, the attempt to show an upward movement is likely to continue toward the 23,100–23,200 zone. The 50,000–50,150 zone (the 50-day and 200-day EMAs) will be the key levels to watch. If the Nifty Spot sustains above. 23,050, we may witness an extension of the pullback rally up to the 23.250-23,400 level. On the downside, if the index slips below 22,750, it may resume its southward journey and test the 22,450 level in the short term. The broader market appears to have much more clarity compared to the frontline indices, reflecting a stronger reversal in selective mid- and small-cap stocks. We expect this rangebound price action to continue for the weekly expiry session as well. A huge addition of open interest at the 23,.100-strike Call option suggests strong resistance, and until we see unwinding of these Call options, we expect the rangeboundprice action to persist. The index has been holding strong support around the 22,.700 level over the past few days. Meanwhile, on the daily charts, the index is retesting this crucial support and forming a Double pattern.
Nifty 50 could not sustain above 23,000 on a closing basis, ending fla….
