Nifty Tests 23,000 Support Amidst Technical Weakness

Economic Times Markets · stocks

The Nifty index has declined for seven consecutive weeks, ending at 23,140.50 after a 468.05-point trading range. Selling pressure persists, and the technical structure remains fragile with lower tops and moving averages overhead. The index is now approaching a crucial support cluster around the 23,000 level, reinforced by Bollinger Bands and significant Put Open Interest. This zone is a key battleground for the coming week, with a breach potentially leading to further weakness, while a defense could trigger a technical rebound.