Nifty Pre-Open: Support Holds, Divergence in Play

Nifty drifted lower again, testing the flagged 23,650 objective before settling near 23,635. The 23,600-23,650 zone remains the key support flagged in our weekly reports, and a break and close below 23,600 would tilt the setup further bearish. RSI is not making a fresh low alongside price — a positive divergence that can precede a bounce, though it still needs price confirmation to be treated as reliable. Resistance: 23,650-23,690 cluster, then 23,720 and 23,800. Support: 23,600-23,580, then 23,520. A sustained move above 23,690 would be the first signal of a recovery attempt. Until then, 23,650-23,600 stays the level to watch, with a close below it keeping 23,580 and 23,520 in focus.

broke above a multi-week resistance and moved higher, but the broader market sell-off has pulled it back into a throwback toward that same breakout zone, now near 8,767-8,780, where the level shifts from resistance to potential support. RSI at 46.47 has cooled off from recent highs. Whether this zone holds as a demand area is worth watching, given the broader structure in the stock remains constructive. A breakout level often gets revisited before a trend resumes — how price behaves on that retest, not the breakout itself, often reveals the setup's real strength. 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.