Nifty Eyes 22,600 Support; Heavyweights in Focus

Nifty took resistance near the 23,111 monthly level for the second time, could not sustain above it and slid lower. It moved below the 23,015-22,920 cluster, reached 22,759 and then 22,649, close to the 22,630 area, and settled near 22,811. RSI at 39.21 is below the midline, so momentum remains weak. GIFT Nifty is down about 70 points as of this writing, which points to a lower open. Resistance: 23,111 / 23,320. Pivot cluster: 22,890-22,820. Support: 22,600 / 22,390. The index needs to move above 22,890-22,820 for the tone to improve, and until then it stays weak. How it behaves near 22,600, whether it bounces or breaks, will be the key point. A break could bring 22,390 into focus. The three index heavyweights,

, ICICI Bank and Reliance Industries direction can influence whether Nifty holds near 22,600 or slips further. Reliance is also in the news, with the Jio Platforms IPO subscription window open until 23 October, per media reports. A level that rejects price twice becomes more important, and the index’s behaviour near the next support, along with heavyweight stocks, shows whether selling is easing. 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.