Nifty closed at 23,405.60.
The most important thing that happened today was not the decline. It was the rejection of lower levels.
Despite pressure from crude oil, geopolitics and weak global sentiment, bears failed to keep the index near the day's lows. That suggests demand is still present below 23,350.
Technical picture:
• Immediate support: 23,300 to 23,350
• Major support: 23,150
• Immediate resistance: 23,500
• Major resistance: 23,700
The market is now sitting in a compression zone. A break below 23,300 opens the door to a deeper correction. A move above 23,500 can trigger fast short covering toward 23,700 and beyond.
Today's candle was not a sign of strength.
It was a sign that sellers are losing efficiency.
Tomorrow is simple:
Watch 23,300 and 23,500.
Everything else is noise.
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