Nifty Range Holds; TVS Motor Nears Breakout Test

The base case held well this week, with Nifty oscillating within the range established after last week's sharp breakdown and recovery. Bears made another attempt toward the extreme downside zone near 23,070, but a fresh recovery emerged, and the index closed essentially flat at 23,346.40, down a marginal 0.22% for the week. The 23,070-23,600 range has now been tested from both sides and held, making it the operative framework for the sessions ahead. RSI recovered to 33.66 from last week's oversold 27.22, though it remains below the midline, keeping the tone cautious rather than constructive. Resistance: 23,629.50, then the 50 SMA at 24,079. Support: 23,090.30, then 23,000 as the extended downside trigger. A sustained daily close beyond either boundary would be the signal needed to establish direction; continued containment points to further sideways-to-weak trade. Options data shows PCR firming to 1.13, with Max Pain at 23,350 sitting almost exactly at the week's close, and both Call and Put OI building simultaneously — a pattern more consistent with range formation than a directional bias.

has formed an Inverse Head & Shoulders structure and is now approaching the pattern's neckline/trendline resistance near 4,190-4,210, backed by a recent volume surge and RSI at 66.96. Whether price can break and sustain above this trendline in the coming sessions is the development worth tracking. A range that holds after being tested from both sides becomes the market's working framework — the eventual break, not the range itself, is what signals real direction. 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.