Nifty Fails at Resistance; Pre-Market Bias Weak

It was a volatile session yesterday, with Nifty initially moving higher and testing the 22,777 falling-window resistance flagged earlier. A sharp sell-off followed, erasing all the gains and pushing the index into negative territory, closing near the 22,600 support. This points to supply emerging at higher levels, with the index unable to sustain strength once it approached resistance. RSI at 36.02 has eased back after the failed push higher, reflecting the renewed selling pressure that capped the session's gains. Resistance: 22,700-22,650 cluster, then 22,750 and 22,890. Support: 22,540, then 22,460. The 22,700-22,650 resistance cluster points toward a weaker opening for the day. On the downside, 22,540 is the initial level sellers may target, with 22,460 as the extreme level below that. A move above 22,700 could open the path toward 22,750 and 22,890, though current cues suggest a broad range with a sideways-to-lower bias is more likely for the day.

is hovering near a level that has acted as a near-triple top on the chart, with price struggling to move decisively past it on recent attempts. It's worth noting the stock listed only in September, so this price history is still fairly limited and the usual weight given to a multi-touch resistance may not fully apply here. RSI at 78.39 is elevated, and whether the stock can finally clear this zone or continues to be capped by it is something to watch over the next few sessions. A resistance pattern carries more weight when it has formed over a longer price history — a newly listed stock's early chart patterns deserve a more cautious read. 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.