Nifty Eyes 22,640 as PNB Housing Tests Trendline

Nifty ended last day of the week on a firm note. It rebounded from the 22,179 swing low and settled near 22,520, above the 22,500 mark. A falling trendline around 22,640 still caps the move, so the index remains in a recovery phase below it. RSI at 56.67 has turned up above the midline, which supports the recovery for now. Resistance: 22,640 / 22,750. Pivot zone: 22,490-22,420. Support: 22,350 / 22,179. While the pivot zone holds, the 22,640 trendline stays in view. A slip below 22,420 could bring 22,350 back into focus. The first half-hour to one hour of trade may set the cue for the day.

(4H) has recovered from the late-September lows and is now at a falling trendline drawn from the August highs, near 1,155. RSI at 60.88 and a pickup in volume on the advance suggest improving momentum. A sustained close above the line would bring the 1,204.5 horizontal resistance into view. If it fails to hold, the 1,080-1,100 area could come back into play. A falling trendline acts as resistance until price closes above it with volume; the way price reacts on a retest often shows whether the move is genuine. 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.