Nifty Channel Breaks; PC Jeweller Rallies on Debt

The rising channel in place since the recovery off 23,150 finally gave way in yesterday's session, with channel support near 23,420 breaking down and the index slipping below 23,300 to tag the first downside objective at 23,330, settling near 23,348 inside the 23,340-23,380 supply zone. RSI has eased to 45.06, slipping below the midline after cooling off from recent highs, consistent with the loss of the rising-channel structure. Resistance: 23,340-23,380 cluster, then 23,450 and 23,570. Support: 23,250, then 23,160. The 23,340-23,380 cluster is the level to watch first. A sustained close above 23,380-23,400 would open the door to a resumption attempt, with 23,450 and 23,570 as the next objectives. If the index stays capped below 23,340, a slide toward 23,250 looks likely, with 23,160 as the next support. Options data shows 23,000 as the strongest put base followed by 23,300, with call writers building resistance around 23,500. With the rising channel now broken, the near-term bias tilts cautious unless bulls reclaim 23,380-23,400 convincingly.

shares rose over 7% intraday yesterday, settling up 6.18% at Rs 13.58, after the company said it repaid its outstanding debt to another bank under its settlement agreement and allotted 74,07,500 equity shares to the promoter following the conversion of fully convertible warrants. The move reflects continued progress on the company's debt resolution process. (Source: Money control) Debt-resolution news for a stressed company often triggers sharp moves, as each settlement milestone changes the balance-sheet picture that the market is pricing in. 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.