Nifty Above monthly resistance; IT and Auto Stocks in Focus

Nifty took support near the 22,940-22,840 pivot cluster on Friday and moved up to test the 23,111 monthly resistance and the 23,160 area. It held there and closed slightly above 23,111, near 23,120. RSI at 68.69 is close to the overbought zone, so consolidation or a minor pause is possible near these levels. GIFT Nifty is about 36 points higher as of this writing, a flat cue, and Brent crude is around $2 lower, which may be mildly supportive. Resistance: 23,111-23,160 / 23,222 / 23,320. Pivot cluster: 23,100-23,030. Support: 22,980 / 22,835. Sustaining above 23,160 could open the way to 23,222 and then 23,320. Sustained trade below 23,030 could bring a corrective move towards 22,980, and a break below that would put 22,835 in focus. The tone stays slightly positive while 23,030-22,980 holds. IT and Auto stay in focus after leading last week’s sector gains, with Nifty IT up 11.72% and Nifty Auto up 3.65%. Stocks to watch:

and TVS Motor in Auto, and KPIT Technologies, Infosys and Persistent Systems in IT. Price holding a monthly resistance on a closing basis matters more than an intraday touch, and sector leadership adds context to index moves. Disclaimer:This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.